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Barrons 08 - 05 - 23 PDF
Barrons 08 - 05 - 23 PDF
Barrons 08 - 05 - 23 PDF
Companies
Under Siege
Anheuser-Busch,
Disney, Burger King,
and others are caught
in the culture wars.
How they’re battling
>
back. PAG E 1 4
63142
C O NT EN TS 05.08.23 VOL.CIII NO.19
P. 14 P. 26 P. 24
P. 9
Economy: Inflation
Keeps a Tight Grip
Sizing Up the Case for The Fed still has more reason to
Buying Bank Stocks raise rates than to cut them.
Some banks look overly cheap— By RANDALL W. FORSYTH
but it takes guts to wade in.
By BILL ALPERT P. 28
P. 12
Trader: Odds Suggest
More Market Pain
Obesity Drugs: The Carnage in the banking sector is
Opportunity and Hype overshadowing optimism that the
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Products from Eli Lilly and Novo Fed will soon pause its rate hikes.
Nordisk are poised to become By JACOB SONENSHINE
megablockbusters. We weigh their
prospects as investments. P. 31
By JOSH NATHAN-KAZIS
International: Where
P. 17 the Better Banks Are
European banks have remained
Carrier Global Stock
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
cow manure and cooking oil. from political polarization and the better support environmental,
How they’re battling
>
back. PAG E 1 4
63142
By AVI SALZMAN digital revolution. Is there hope? social, and governance goals. Watch our TV show Saturday or
Illustration by
Danielle Del Plato By ANDY SERWER By LEWIS BRAHAM Sunday at 10 a.m. or 11:30 a.m. ET.
P. 21 This week, insights from Gregory
P. 54 P. 24 Peters of PGIM on what the jobs
TIAA Benefited From © 2023 Dow Jones & Company,
Inc. All Rights Reserved.
report says about inflation. Plus,
a Brazilian Land Grab The Fed’s Review of Income: Big Pharma
combine the diversification of a mutual fund and the tracking of an index with transparency and liquidity.
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Berkshire Hathaway B
Symbol
BRK.b
Weight
12.96%
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Aninvestorshouldconsiderinvestmentobjectives,risks,chargesandexpensescarefullybeforeinvesting.Toobtainaprospectus,whichcontainsthisandotherinformation,call1-866-SECTOR-ETFor
visit www.sectorspdrs.com. Read the prospectus carefully before investing.
The S&P 500, SPDRs®, and Select Sector SPDRs® are registered trademarks of Standard & Poor’s Financial Services LLC. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent.
Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S.
stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investors cannot invest directly in an index.
The S&P 500 Index figures do not reflect any fees, expenses or taxes. Ordinary brokerage commissions apply. ETFs are considered transparent because their portfolio holdings are disclosed daily. Liquidity is characterized by a high level
of trading activity.
Select Sector SPDRs are subject to risks similar to those of stocks, including those regarding short-selling and margin account maintenance. All ETFs are subject to risk, including possible loss of principal. Funds focusing on a single sector
generally experience greater volatility. Diversification does not eliminate the risk of experiencing investment losses.
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4 BARRON’S May 8, 2023
I N D EX
Our index lists significant companies mentioned in stories and columns, For Customer Service, call 1 (800) 544-0422, or go to
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ASSOCIATE EDITORS Andrew Bary, Randall W. Forsyth, Jack Hough, Reshma Kapadia, Eric J. Savitz U Uber Technologies . . . . . . . . . . . . . . . . . . . . 10,34,36
D Darling Ingredients . . . . . . . . . . . . . . . . . . . . . . . . 18 SENIOR WRITERS Bill Alpert, Megan Cassella, Lauren Foster, Nicholas Jasinski, Tae Kim, Joe Light,
UBS Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Deutsche Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 UnitedHealth Group . . . . . . . . . . . . . . . . . . . . . . . 30
Diamondback Energy . . . . . . . . . . . . . . . . . . . . . . 36 Elizabeth O’Brien, Al Root, Avi Salzman, Lawrence C. Strauss
DraftKings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 REPORTERS Jacob Adelman, Janet H. Cho, Adam Clark, Emily Dattilo, Jack Denton, Catherine Dunn,
Duolingo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Carleton English, Sabrina Escobar, Callum Keown, Evie Liu, Shaina Mishkin, Josh Nathan-Kazis, V Valero Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Angela Palumbo, Teresa Rivas, Connor Smith, Jacob Sonenshine, Brian Swint, Karishma Vanjani
Verisk Analytics . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Verizon Communications . . . . . . . . . . . . . . . . . . . . 7
E Elevance Health . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 STORY EDITORS Ed Lin, Erin McCarthy, Patrick O’Donnell, Stacy Ozol, Neal Templin, J.J. Thompson
Eli Lilly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Endeavor Group Holdings . . . . . . . . . . . . . . . . . . . 8 COPY DESK Michael J. Burlingham, Richard Rescigno, Robert Teitelman W Walt Disney . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,11,14
Estee Lauder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 IDEAS EDITOR Matt Peterson Warrior Met Coal . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Wayfair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
DEPUTY DIGITAL MANAGING EDITOR Zoe Szathmary Western Alliance Bancorp . . . . . . . . . . . . . 9,10,34
F First Citizens Bancshares . . . . . . . . . . . . . . . . . . 10 SENIOR AUDIO MANAGER Mette Lützhøft DIGITAL PRODUCERS Robert Cushing, Nick Devor, Clare McKeen World Wrestling Entertainment . . . . . . . . . . . . . 8
First Horizon . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,34
First Republic Bank . . . . . . . . . . . . . . . . . . . . . 25,34 Chelsea Schiff
DESIGN DIRECTOR
ART DIRECTORS Lynne Carty, Nick Hallam, Sue Ng Z Ziff Davis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
DIRECTOR OF PHOTOGRAPHY Sarina Finkelstein PHOTO EDITORS Alis Atwell, Halie Chavez, Nicole Silver Zions Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
G Gilead Sciences . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
RESEARCH DIRECTOR Pauline Yuelys RESEARCHER Dan Lam
STATISTICS MANAGER Michael T. Kokoszka STATISTICIAN Darren Chima
H Hershey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
HSBC Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 James H. Balmer
ADVERTISING SERVICES MANAGER
NEWS editors@barrons.com STATISTICS barronsstats@barrons.com CUSTOMER SERVICE 800-544-0422
Investing in Media
with BuzzFeed providing a stunning than $1 billion,” according to CNBC, a
example. In November 2016, NBC- sadly amusing range that of course
Universal invested $200 million in extends to $0, and in theory even less,
the online news company at a $1.7 given liabilities. Varying tales of woe
Resembles a Very
billion valuation. (This was in addi- also can be told about the likes of Mic,
tion to a prior $200 million invest- Mashable, Gawker, and Vox.
ment by NBCU.) BuzzFeed went pub- Consider Warren Buffett’s take on
lic via a special purpose acquisition media (hardly a hot-button topic at this
W
bought (or absorbed, since its value he famously invested in the Washing-
ith all the BY ANDY (BX), Mayer and former Disney run- was next to nil) HuffPost, a company ton Post and others, calling them “bul-
hand-wring- SERWER ning mate Tom Staggs founded Candle worth $315 million in 2011 when it was letproof franchises.” Buffett changed
ing over Media—“a next-generation media com- bought by AOL, and probably more his mind over the years, telling me in a
banks, com- pany” powered by a “content-commu- when AOL was bought by Verizon 2019 interview that the newspaper
mercial real nity-commerce flywheel.” Two years Communications (VZ) for $4.4 bil- business “went from monopoly to fran-
estate, and ago, Candle bought Reese Wither- lion four years later. Also, BuzzFeed chise to competitive to...toast.” Buffett
tech, it’s spoon’s Hello Sunshine production bought Complex Media for $300 mil- does have a big media investment in
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
easy to overlook that the media busi- company for $900 million. If Wither- lion in 2021. So Buzzfeed’s de minimis Paramount Global (PARA), which
ness is no picnic either. Just how dif- spoon and private equity seem like an valuation includes residual values of has been a dog. The stock got killed
ficult is it to run or start a content- odd couple, know that both Mayer and Complex and HuffPost, as well. this past week on poor earnings and is
creation company these days? a senior Blackstone executive told me Wealth destruction at Vice Media, now down 45% over the past year.
“It’s hard,” Kevin Mayer, former they are seriously impressed by her which specializes in ballsy video for I asked Mario Gabelli, who has been
TikTok CEO and onetime Disney C- business chops. They have 900 million male millennials, may be more acute. covering media since the mid-1970s,
suite whiz, told me at the Milken Con- reasons to be impressed. Here, too, another legacy media com- what he thinks of the business. “When
ference in Los Angeles this past week. Whether Candle burns brightly or pany—in this case, Disney—invested I started out, they had silent movies,”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
“A lot of these media companies [are] melts is for a future column. In the $400 million. In this instance, peak he yucks. Seriously, Gabelli says,
shingles that are hung out. They do news business, however, activity is valuation in 2017 was $5.7 billion. “technology has obviously changed
one or two projects and kind of fade more of the Judgment Day variety, Vice is now being shopped for “less everything with these evolving plat-
away. To create from scratch a suc- forms.” As for the news business, “get-
cessful media company—not many ting the search companies to pay you
have done it.” for it, that sucks.”
Political polarization and, of course, It isn’t just search that has made
the digital revolution have turned the life miserable for the news business.
media business—everything from It’s also social media. Naive though it
movies and TV to theme parks to sounds now, a decade ago companies
journalism and news—into a game of like BuzzFeed, Upworthy, and Breit-
3-D chess with a 10-second timer. To bart based their business models on
wit: ChatGPT gnawing into Chegg’s partnering with or gaming off Alpha-
(ticker: CHGG) education business, bet’s (GOOGL) Google, Meta Plat-
Fox News showing Tucker Carlson the forms’ (FB) Facebook, etc. The strat-
door, Walt Disney’s (DIS) forever war egy worked until the tech giants tired
with Ron DeSantis, and BuzzFeed of the relationships—and sharing in
News being closed. the proceeds. Aprés that, the deluge.
Broad-brush investing in the sector This still-reverberating narrative
looks to be one big booby trap, too. serves as the core of an absorbing new
Since its inception in June 2005, the book, Traffic: Genius, Rivalry, and Delu-
Photograph by Roger Kisby
story. These start-ups shook outfits like the day Health. “In advertising today, you need
New York Times and CNBC to their core a high-intent audience in a valuable cate-
from a lawsuit he filed over invasion of bering lummox stereotype. The New York
privacy (a suit funded by billionaire inves- Times (NYT) was under extreme duress
particularly novel, but some thought Per- Another, lower-profile winner, Thom-
etti had a kind of genius. I interviewed son Reuters (TRI)—which owns the West-
Peretti 10 years ago when he expounded law legal database, Reuters news agency,
on the false signals of the side-boob. and Checkpoint tax and accounting ser-
1 (888) 493-8631
“It’s dangerous to only follow the num- vice—is up from the low $40s in 2018 to
GLOBALXETFS.COM bers....You see this sort of ‘side boob’ trap, $120 today. Credit Suisse analyst Kevin
where you put some picture of a celebrity McVeigh recently raised his price target
whose dress lets you see the side of her boob from $138 to $150.
on the front of your website, and you say, Getting back to Mayer’s point, though,
® ‘Wow! That gets a really high click-through and as Ringo famously sang, “It don’t come
Beyond Ordinary ETFs rate.’ If you were a slave to the numbers, easy.” I ask Smith if anyone has really cre-
you’d start putting more stuff like that and ated a successful news organization re-
Investing involves risk, including possible loss of principal. The Fund more stuff like that. And pretty soon you cently. “Politico,” he says. A single example
invests in companies engaged in Information Technology, which can be would have a site full of trashy, salacious may prove the point. Bottom-line paradox:
affected by rapid product obsolescence and intense industry competition. garbage, and you would say, ‘Oh, I’m just It’s simple for a media company to succeed
BOTZ is non-diversified. looking at the numbers,’ but you would be today. It just needs to create singular con-
hitting a local maximum, where lots of peo- tent. And that’s really hard.
Carefully consider the Fund’s investment objectives, risk factors, charges ple would never want to read your site just Speaking of Politico, I was finishing up
and expenses before investing. This and additional information can be because 10% of your readers are horny guys breakfast in a restaurant in Los Angeles
found in the Fund’s full or summary prospectus, which are available at who can’t resist clicking, or women who this past week when I spotted film pro-
can’t resist gawking at celebrities.” ducer Jeffrey Katzenberg and went over to
globalxetfs.com. Read the prospectus carefully before investing.
What Peretti opted for instead was viral say hello. Turns out he was dining with
Shares of ETFs are bought and sold at market price (not NAV) cutesy content. Mike Allen, former chief political writer at
and are not individually redeemed from the Fund. Brokerage “So many of those companies were ven- Politico and co-founder of Axios, recently
commissions will reduce returns. Distributed by SEI Investments ture capital backed, and went for growth at sold to Cox Enterprises for $500 million.
Distribution Co. any cost,” says Vivek Shah, CEO of Ziff Mike Allen and Jeff Katzenberg? Could
Davis (ZD), which owns websites including be one more odd couple, working on the
IGN (gaming and entertainment) and Every- next hard thing. B
May 8, 2023 BARRON’S 9
Regional Banks
this past week urged the SEC to ban
short sales of financial institutions for
15 days—along the lines of the short-
selling ban imposed during the 2008
Take a Licking.
financial crisis.
A hedge fund trade group, the
Managed Funds Association, says a
shorting ban would only hurt the
market. “Bans on short selling don’t
A
PacWest Bancorp
earnings. saw its shares try has distracted investors from the industry has dealt with those issues
vengeful market is wreak- Through Thursday’s bottom, the plunge after First qualities of big banks like Bank of before, but now it’s also wrestling
Republic failed, only
ing havoc on regional SPDR S&P Regional Banking ex- to soar on Friday.
America (BAC), she says. While it’s with the novel afflictions of deposit
bank stocks. Should bold change-traded fund (KRE) fell 18% now down nearly to book value, BofA flight at the speed of light—blame
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investors start buying? from Monday, before recovering al- has a robust base of small depositors, online banking—and panic-sowing
Not quite yet. most half of that on Friday. more retail than commercial busi- social media. “I’m just trying to stay
No one wants to buy Bank valuations seem to be dis- ness, and solid levels of capital. At a out of the way,” he says. “This is a
bank stocks ahead of a counting a potential recession and time when investors worry about time to be paying attention and look-
recession, says UBS bank analyst Er- long-term changes wrought by digital flighty deposits, BofA is attractively ing for stocks that are beaten down.
ika Najarian. But amid the past week’s banking, UBS’ Najarian tells Barron’s. boring. But that doesn’t mean it’s time to
wrenching moves, she has seen some Large-cap banks are trading between Bank of America is one of the lend- buy.”
long-only investors and some hedge 1.2 and 1.3 times tangible book value, ers with a large portfolio of agency Ellison has maintained his holdings
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
funds dipping back into the market. including the noncash impact of bond mortgage securities—a big investor of favorite banks like Citizens Finan-
Regional bank stocks had been portfolio losses. Back out those items, concern after the collapse of SVB. cial, but says he can’t be sure what
under pressure since Silicon Valley and the stocks are trading at close to Those unrealized losses stood at $99 will be in his portfolio if the turmoil
Bank and Signature were seized by one-times book, a level that has tradi- billion in March, after a year of inter- continues. “I can’t be wed to anything
regulators. But selling surged again tionally attracted buyers. est-rate rises. The bank insists that its right now,” he says.
this past Monday after JPMorgan Najarian thinks that once banks get strengths will allow it to ride out the The problem of evaporating depos-
Chase (ticker: JPM) agreed to pur- through the current storm, their rate cycle before the bonds mature. its is harder to model than traditional
chase First Republic Bank’s assets stocks will trade at 10 times earnings Bank of America was down about 6% loan-book issues, notes Abbott Coo-
from the Federal Deposit Insurance and 1.5 times tangible book. in a week when the S&P 500 slipped per, who runs activist bank invest-
Corp., but not its stock. Beverly Hills, 0.8%. ment firm Driver Management.
Calif.–based PacWest Bancorp Another bank whose share price “The risks in some of these bank
(PACW) plunged 69% through Thurs- Into the Abyss Najarian believes has fallen to silly stocks can’t really be quantified,” Ab-
day before soaring nearly 82% on Fri- Shares of regional banks have been pounded repeatedly. levels is Citizens Financial Group bott says. “It takes a really strong
day. Western Alliance Bancorp SPDR S&P Regional Banking ETF (CFG). The Rhode Island–based re- stomach to wade into these waters.”
(WAL) fell as much as 70%, before the gional has lots of regulatory capital, That said, he likes banks with bal-
$70
Phoenix-based lender pulled out of its yet trades at six times next year’s anced businesses that aren’t depen-
dive on the draft of a Friday upgrade earnings and under 0.9 times tangible dent on a particular product or indus-
to Overweight by J.P. Morgan. Saying 60 book (including noncash accruals). try group. Among the small but solid
that first-quarter results had been Citizens Financial was down 12% on banks in his portfolio are Oklahoma
Patrick T. Fallon/AFP/Getty Images
decent and deposit outflows had stabi- the week. City’s BancFirst (BANF), Reno-based
50
lized, J.P. Morgan bank analyst Steven Many blame the downdraft in bank Plumas Bancorp (PLBC), and Codo-
Alexopoulos also raised Comerica stocks on social-media rumormongers rus Valley Bancorp (CVLY), a York,
(CMA) and Zions Bancorp (ZION) to 40 and short sellers, which can feed Pa., lender that settled a proxy fight
Overweight. panic selling. The American Bankers with Cooper’s firm last year.
In his upgrade note, Alexopoulos Association has called on the Securi- “Whatever we’re going through
30
said that Western Alliance was trad- ties and Exchange Commission to now is going to abate at some point,”
ing at 2.3 times forward earnings, 2023 May investigate the shorts. Corporate law- Cooper says. “It can’t be soon
Comerica at 3.9 times forward earn- Source: FactSet yers at Wachtell, Lipton, Rosen & Katz enough.” B
10 BARRON’S May 8, 2023
R E VIEW 33,674.38
Dow Industrials: - 423.78
495.23
Dow Global Index: - 1.42
3.45%
10-year Treasury Note: unch.
30%
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
cut more than one million barrels per day of oil produc- And in a sign of the times: Edtech forces took defensive positions in expecta-
tion, the path of prices looked clear. Supply was falling, Chegg warned of the threat of artifi- tion of a Ukraine counteroffensive. The
demand was on the rise, and there was only one way for cial intelligence to its business. White House estimated Russia suffered
oil to go—up. The pattern held for about two weeks, but Percentage of investment 20,000 dead and 80,000 wounded since
it has since reversed—and sharply, too. dollars so far this year flowing A Hike and a Sort of Pause December. The Kremlin was hit by two
International oil prices fell 9% in just three days this into actively traded exchange- As expected, the Fed rate-setting com- drones and blamed Ukraine and the U.S.
past week, trading down to $72.33 per barrel, the lowest traded funds, up from 14% mittee raised rates by 0.25%—No. 10
level since December 2021. The price of West Texas last year in this cycle. Fed Chairman Jerome Annals of Deal Making
Intermediate, the U.S. benchmark, fell below $70 for Powell said the Fed may pause and The Federal Deposit Insurance Corp.
the first time since March, erasing all of the gains it
had made since OPEC’s announcement, and then some.
80 K watch the data, and warned of dire
consequences of a debt default.
seized First Republic Bank and accepted a
bid from JPMorgan Chase, which had led
P R EV IEW Wednesday Walt Disney reports second-quarter fiscal- Sign up for the Review &
2023 results. Shares of the entertainment giant
are up 16% this year, after plunging 44% in Preview daily newsletter at
2022, the worst performance since 1974. The company’s brouhaha with Florida Barrons.com/reviewpreview
Gov. Ron DeSantis continues apace with a lawsuit and counterlawsuit filed.
Profs, Beware.
Market-Moving Tech ure. The index has had 15 consecutive with gains of 2.7% and 3.4%, respec-
OpenAI introduced ChatGPT in readings below the 49-year average of tively, in March. The PPI and core PPI
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
November 2022, Microsoft debuted 98 as inflation and a tight labor mar- are at their lowest levels in about two
AI-powered Bing in February, and ket remain top of mind for small- years.
Wednesday 5/10
Friday 5/12
50%
Since the release of ChatGPT, companies have scrambled to The University of Michigan
understand how generative artificial intelligence will affect Brookfield Asset Management, releases its Consumer Sentiment
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
jobs. This past week, IBM CEO Arvind Krishna said the 0 Roblox, Toyota Motor, and Trade Index for May. Economists forecast
company will pause hiring for roles that could be replaced Desk release earnings. a dour 62.6 reading, about one point
by AI—affecting as much as 30% of back-office jobs over -50 lower than in April. Consumers’
five years. And Chegg, which provides homework help The Bureau of Labor Statistics year-ahead inflation expectations
and online tutoring, saw its stock lose half of its value after releases the consumer price index surprisingly jumped by a percentage
warning of slower growth as students turned to ChatGPT. -100 for April. Economists forecast a 5% point in April to 4.6%.
A recent study by a team of professors from Princeton Nov. 2022 ’23 year-over-year increase, matching the
University, the University of Pennsylvania, and New York Source: FactSet March data. The core CPI, which
University analyzed how generative AI relates to 52 human excludes volatile food and energy Coming Earnings Consensus Estimate Year ago
abilities. The researchers then calculated AI “exposure” for At Risk prices, is expected to rise 5.4%, two-
M
occupations. (Exposure doesn’t necessarily mean job loss.) A recent study analyzed occupational tenths of a percentage point less Brighthouse Financial (Q1) $3.31 $3.79
Among high-exposure jobs, a few are obvious—telemarket- exposure to AI language modeling. than previously. Both indexes are Cabot (Q2) 1.31 1.69
ers, HR specialists, loan officers, and law clerks. More Here are the top 10. well below their peaks from last Devon Energy (Q1) 1.38 1.88
KKR (Q1) 0.74 1.10
surprising: Eight of the top 10 are humanities professors. year but also much higher than the McKesson (Q4) 7.18 5.83
In a survey from customer-service software firm Tidio, 1 Telemarketers Federal Reserve’s 2% target. PayPal (Q1) 1.10 0.88
2 English language and literature teachers, Tyson Foods (Q2) 0.80 2.29
64% of respondents thought chatbots, robots, or AI can re- postsecondary Western Digital (Q3) -1.57 1.65
place teachers, though many believe that empathy and lis-
tening skills may be tough to replicate. A survey from the
3 Foreign language and literature teachers,
postsecondary Thursday 5/11 T
Air Products & Chemicals (Q2) 2.65 2.38
Walton Family Foundation found that within two months of 4 History teachers, postsecondary More Earnings on Page 51.
ChatGPT’s introduction, 51% of teachers tapped it for lesson 5 Law teachers, postsecondary Honda Motor, JD.com, Perkin- Consensus Estimate
Day Consensus Est Last Period
planning and creative ideas. Some 40% said they used it at 6 Philosophy and religion teachers, Elmer, and Tapestry hold conference
postsecondary M March Wholesale Inventories 0.10% 0.10%
least once a week, compared with 22% of students. 7 Sociology teachers, postsecondary
calls to discuss quarterly results. W April CPI 0.40% 0.10%
AI isn’t just knocking on the door; it’s already inside. 8 Political science teachers, postsecondary
April Treasury Budget $400.0 bil -$378.1 bil
TH April PPI 0.30% -0.50%
Language-learning app Duolingo has been using AI since 9 Criminal-justice and law-enforcement Honeywell International hosts an
F May Michigan Sentiment 62.3 63.5
2020. Even Chegg unveiled an AI learning service called teachers, postsecondary investor day. Unless otherwise indicated, times are Eastern. a-Advanced;
CheggMate using OpenAI’s GPT-4. Still, Morgan Stanley 10 Sociologists f-Final; p-Preliminary; r-Revised Source: FactSet
analyst Josh Baer wrote that it’s “highly unlikely” that Source: “How Will Language Models Like ChatGPT The Bank of England announces its For more information about coming economic reports
- and what they mean - go to Barron’s free Economic
CheggMate can insulate the company from AI. — Evie Liu Affect Occupations and Industries?” monetary-policy decision. The central Calendar at www.barrons.com
12 BARRON’S May 8, 2023
I
in all of Big Pharma. That’s a neat trick, Wegovy, an injection for obesity; and while Amgen (AMGN) is testing a
n the year since Eli Lilly an- given that their revenue is about 25% Rybelsus, a pill for Type 2 diabetes. weight-loss drug that uses a different
nounced trial results showing to 30% of that of industry leader John- For now, Lilly’s tirzepatide is sold mechanism. Lilly also has a number of
that tirzepatide—best known by son & Johnson (JNJ), which has a only as Mounjaro, an injection to treat other weight-loss drugs in its pipeline,
the brand name Mounjaro— market cap of $425 billion. Type 2 diabetes. But Lilly will probably including a pill called orforglipron,
helped patients drop more than There’s little doubt that Lilly’s have a new name to add to its market- which could launch in 2027; SVB
20% of their weight, the drug tirzepatide and its Novo competitor, ing roster soon: In late April, it an- Securities analyst David Risinger
has become the most talked semaglutide, will be some of the best- nounced results of a Phase 3 trial find- expects that it could reach $9.9 billion
about, and most hyped, pharmaceuti- selling drugs of the decade. For inves- ing that Type 2 diabetes patients using in sales in 2030.
cal in recent memory. tors, however, it’s time to separate the the drug lost 15.7% of their body weight That said, drug development is an
In recent months, Lilly’s (ticker: opportunity from the hype. when taking tirzepatide. Lilly says it uncertain business. A reminder of that
LLY) drug, and a similar one from Big risks remain for the two compa- will finalize its application for approval fact came this March, when shares of
date a number of drugs. In a note last The New Blockbusters Are Lilly and Novo shares a
year, Cowen analyst Michael Nedelco- Lilly and Novo’s latest weight-loss and diabetes drugs are expected to become massive moneymakers. good bet?
vych wrote that he expects obesity Manufacturer / 2022 2029E
Bulls see an enormous long-term op-
drug sales to hit $30 billion by 2030—a Drug Ticker Indication Generic Name FDA Approval Sales (bil) Sales (bil) portunity in Lilly. “Can Mounjaro, plus
number that doesn’t include the Type 2 the pipeline of products that Lilly is
Mounjaro Eli Lilly / LLY Type 2 diabetes Tirzepatide injection May 2022 $0.5 $15.8
diabetes indication. “The market is going to launch into the obesity market
going to be very significant, if indeed N/A Eli Lilly / LLY Obesity Tirzepatide injection Not yet approved N/A 14.6 over the next five to 10 years, create a
these companies can prove that there Ozempic Novo Nordisk / NVO Type 2 diabetes Semaglutide injection December 2017 8.5 16.8 massive sales opportunity that is here
are substantial health benefits beyond to stay?” asks Debra Netschert, a man-
Wegovy Novo Nordisk / NVO Obesity Semaglutide injection June 2021 0.9 11.9
just the weight loss,” says Risinger. aging director at Jennison Associates,
Rybelsus Novo Nordisk / NVO Type 2 diabetes Semglutide tablets September 2019 1.6 7.1 who is one of the managers of the
Just how big could the overall N/A=not applicable; E=estimate Sources: company reports; Bloomberg PGIM Jennison Health Sciences
market be? fund (PHLAX). “I believe it can.”
At an investment conference early this Lilly shares doubled from the start
year, Pfizer CEO Albert Bourla said insurers have signaled that even as Heathy Returns of 2021 through the end of 2022, and
that his company expects the com- they begin to cover Novo’s drug for A new class of obesity and diabetes drugs has helped Lilly the stock has continued to climb. This
bined obesity and Type 2 diabetes obesity (the company says that about and Novo shares outperform. week saw Lilly shares hit an all-time
market for drugs in this category to 40 million Americans now have access high as the company reported positive
Eli Lilly Novo Nordisk Health Care Select Sector SPDR ETF
hit $90 billion globally by 2030. That to Wegovy through their insurance), results on a Phase 3 trial of its Alzhei-
kind of estimate is supported by the not every overweight person will be 200% mer’s disease therapy. Analysts are
extremely widespread nature of the eligible. “We need to really be clear mixed on the full implications of the
two conditions: According to the Cen- about which patients really do benefit 150 new data, and there are real safety
ters for Disease Control and Preven- from these medicines, and make sure issues with the drug, but Lilly avoided
100
tion, 41.9% of American adults are we properly understand how they’re a worst-case scenario of the study
obese, and about 1 in 10 have diabetes. going to use those medicines,” said 50 failing, removing what had been a
And because these medicines aren’t Andrew Witty, CEO of UnitedHealth near-term worry for investors.
curative, patients will probably need Group (UNH), one of the country’s 0 Novo shares have also more than
to take them for a long time, expand- largest health insurers, on an investor doubled over the past two years, and
ing the drugs’ earnings potential. For call in April. Days later, an executive at -50 the company says its Wegovy rollout
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example, analyst expectations for peak health insurer Elevance Health (ELV) 2021 ’22 ’23 is picking up steam as supply capacity
sales of Mounjaro—in both its diabe- said it doesn’t cover weight-loss drugs, Source: FactSet increases.
tes and obesity formulations—include except when required to by state law. For investors looking to make a bet
a heady $100 billion a year (Geoff Lilly and Novo haven’t yet gotten on the obesity drugs, Lilly is the more
Meacham of BofA Securities) and a study results proving that their obe- in the obesity indications would re- promising of the two companies, de-
more modest, but still impressive, sity drugs not only help nondiabetics main limited. Yes, the drugs would spite the stock run-up. Analysts pre-
$40 billion (Jefferies analyst Akash lose weight, but also lower their risk still be megablockbusters, but not dict Lilly’s earnings per share to grow
Tewari). For context: Even the smaller of heart disease and stroke. Both are on the scale many are expecting. by 23% on a compound annual basis
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
of those figures is nearly twice peak currently conducting trials to provide There are other, less obvious from 2022 through 2027, according to
sales of the best-selling therapeutic this data (Novo’s is expected to pro- threats. One is the impact of Medicare FactSet—better than Novo’s 17%, and
in history, AbbVie’s (ABBV) Humira. duce results in the coming months; price negotiations, set to go into effect well above expectations for the rest of
Lilly’s is still years out). If the results in 2026 for Medicare’s prescription- the sector. Merck, by contrast, is ex-
How much do these drugs are positive, it will be much harder for drug program under last year’s Infla- pected to grow earnings by 8% over
cost, and who will pay? insurers to resist covering the drugs tion Reduction Act. Medicare currently the same period.
The drugs cost about $1,000 a month, as obesity treatments. covers both Novo and Lilly’s drugs for “We’re talking about a company
depending on indication and dosing. Meanwhile, legislative efforts to roll diabetes, and Novo’s Ozempic could be that has extraordinary growth poten-
For patients prescribed the drugs to back the law that stops Medicare from eligible for negotiation as early as 2027. tial, probably more than four times
treat diabetes, payment works as it covering weight-loss medications have No one really knows how the negotia- that of the pharmaceutical group
does for most medicines: Drugmakers been ongoing. If they are successful, tions will play out, but it’s possible that overall,” says SVB’s Risinger.
negotiate insurance coverage with the program could be in for an enor- lower Medicare prices for Ozempic And while both companies have
pharmacy benefit managers, and cov- mous bill. A New England Journal of could also affect the prices that Lilly robust drug pipelines, Lilly’s has a
erage builds slowly over time. Today, Medicine paper published in March can fetch for its competitive drug. slight edge. In addition to its obesity
just under 60% of people on commer- found that if only 10% of eligible (Lilly executives note, however, that pill and retatritude, another obesity
cial insurance plans and Medicare Medicare patients took Novo’s drug, a head-to-head trial comparing weight injectable, the company has a host of
have access to Mounjaro, says Lilly. it would cost Medicare $26.8 billion a loss in nondiabetic obese and over- potentially major drugs in the late
When the drugs are prescribed as year, equivalent to 18.5% of spending weight patients on Novo’s drug and stages of development, including the
obesity treatments, though, it’s a differ- on Medicare’s Part D prescription-drug Lilly’s drug is slated to produce data Alzheimer’s drug donanemab, newly
ent story. Lingering debates over benefit in 2019. by 2025. If Lilly were to win that face- approved cancer drug Jaypirca, and
whether obesity should be considered off, it could help the company main- dermatitis treatment lebrikizumab.
a disease mean that insurers often What could go wrong for Novo tain higher prices.) Combine those factors with the
don’t cover weight-loss drugs, and and Lilly? Then there are the threats from early data suggesting that Lilly’s
federal law bars Medicare’s prescrip- The biggest risk for Novo and Lilly is competitors. If the forthcoming Pfizer tirzepatide is a more effective weight-
tion drug benefit from paying for them. that trials designed to prove that the or Amgen drug were to match or out- loss agent than Novo’s Ozempic (a
Investors and analysts say they drugs lower rates of stroke and heart perform Novo and Lilly’s products, head-to-head trial in the works), and
expect insurer coverage to expand in attack in patients without diabetes those glowing analyst projections Lilly looks to be a winning bet on the
the face of patient demand. Still, private fail. In that case, insurance coverage might come down to Earth. obesity-drug boom. B
14 BARRON’S May 8, 2023
A
Bud Light is no lon- called corporate wokeism. a 26% drop in beer sales in a week. talk, though Cisco Systems (CSCO)
ger just something To many people, Bud was simply Companies from BlackRock (BLK) and Honeywell International
“personal.” BlackRock didn’t mention hit, revenue recovered and recently hit on companies to stand up on fraught Growing Sway
ESG on its latest earnings call, a rever- record highs. and divisive issues like abortion,” The amount of ESG assets under management is
sal from last year when the company Disney is taking the fight to its big- says Alison Taylor, associate profes- growing rapidly.
cited it as a major growth driver. gest critic, Florida Gov. Ron DeSantis. sor at New York University, where Global ESG assets
BlackRock declined an interview Disney has been battling the Republi- she teaches classes on ESG and
request with Fink and declined to can governor over the state’s ban on sustainability. $40 trillion
comment. sexual-orientation lessons in schools, The anti-ESG rhetoric ramped up
While companies tiptoe around the dubbed by critics as a “Don’t Say Gay” during the pandemic, partly in re-
30
issues, most are disclosing just as law. Chafing at Disney’s criticism, sponse to banks pulling back on loans
many sustainability reports as before DeSantis pushed for legislation that to oil-and-gas companies in an effort
the backlash. And despite attempts to eliminated some of the company’s to combat climate change. More fuel 20
demonize ESG, many companies are long-held special privileges in the for the fire came when a small ESG
still pledging to meet ambitious tar- state. activist fund, backed by BlackRock,
10
gets in areas such as carbon emissions Disney has now sued DeSantis, Vanguard, and State Street, won three
and workforce diversity. claiming his actions amounted to po- seats on Exxon Mobil’s (XOM) board
“Every company is still doing ev- litical retribution. A DeSantis-backed in 2021, pressuring the company to 0
erything they did before, they just tourism board has countersued Dis- cut its carbon footprint. 2015 2020 2021 2026*
*2026 base estimate
don’t want to be political fodder in a ney, and the governor has said the suit The battles aren’t entirely between Source: PwC
campaign,” says Jeffrey Sonnenfeld, a against him is “political” and lacks the right and left, blurring lines on
Yale School of Management professor merit. Wall Street and in Silicon Valley.
and critic of Republican policies. “Re- Critics of corporate “wokeism” include administration for promoting what he
publicans are trying to create a villain How ESG Turned Toxic Tesla (TSLA) CEO Elon Musk, hedge called “woke investment regulation”
and are using anti-woke sentiment as While ESG has been around for de- fund billionaire Bill Ackman, and through a rule that preserves the right
a bête noire.” cades, it started getting conflated with Vivek Ramaswamy, an investor who of 401(k)s and other pension plans to
Companies that spoke to Barron’s so-called wokeism more recently. An wrote a book called Woke Inc. and is offer ESG funds. When Silicon Valley
say they are staying the course. inflection point came with the rise of running for president. Ramaswamy’s Bank collapsed and depositors re-
“There’s this undercurrent of push- Donald Trump, triggering some com- financial backers include Ackman and ceived a bailout from the Federal De-
back,” says Cisco Chief Financial Offi- panies to break with the GOP leader- Peter Thiel, the tech billionaire who posit Insurance Corp., Republicans
cer Scott Herren, referring to Cisco’s ship on trade, immigration, and tech has compared wokeism to Wahha- claimed the bank failed in part due to
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climate initiatives. Yet the company regulation. Nike waded into the cul- bism, Saudi Arabia’s version of Islam. its ESG policies and got a bailout be-
isn’t retreating, he adds, partly be- ture war with a 2018 ad campaign For both sides, the issues are likely cause it was “too woke to fail,” in the
cause it could cost Cisco business if it involving the NFL quarterback Colin to intensify as politicians turn ESG words of Sen. Josh Hawley (R., Mo.).
did. “You can disqualify yourself from Kaepernick, supporting his social jus- into a campaign theme. “Every time
a lot of opportunities if you don’t focus tice protests. More businesses began we come to an election year, we see Walking the ‘Woke’ Tightrope
on driving this, not just in paragraphs taking stands on controversial issues, this kind of language infiltrating polit- Despite the backlash, huge forces and
that sound nice.” including pledges of support for North ical speech,” says Martha Carter, vice financial incentives are aligned to pro-
Companies have also shown they Carolina’s anti-LGTBQ bathroom bill chairman of consultancy Teneo, where mote progressive corporate policies in
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
can weather the storm. Dick’s Sport- and racial justice movements like she advises CEOs and boards on ESG areas like climate change and diversity,
ing Goods (DKS) was attacked by Black Lives Matter after the Char- policy. “The term ESG has moved Disney has faced along with investment in ESG-related
conservatives after the company lottesville, Va., and George Floyd from investment to politics.” protests on the left funds. Governments worldwide have
and right over its
started scaling back on gun sales in protests. House Speaker Kevin McCarthy stance on a Florida set targets to cut greenhouse-gas
2018. Yet while Dick’s initially took a “We started to see more pressure (R., Cal.) recently chastised the Biden education law. emissions, pressuring companies to
Left: Alisha Jucevic/Bloomberg ; right: Octavio Jones/Reuters
16 BARRON’S May 8, 2023
produce more-sustainable products financial companies that the state ESG’s Political Divide
and disclose progress. The Inflation determined were “boycotting” fossil Many Republican-led states oppose ESG investments, while those led by Democrats
Reduction Act and other initiatives fuels. generally support the practice.
supported by the Biden administration, Banks such as JPMorgan Chase
including a big push for electric vehi- (JPM) and asset managers such as States with active legislative efforts to restrict or support ESG investing with state assets
cles and cleaner power, also open up BlackRock have lost business in
Supporting ESG Limiting ESG
vast revenue opportunities. Republican-led states, which have Mixed ESG support No pending or enacted ESG investment
The financial industry has latched blacklisted financial firms because
onto sustainable investing, and ESG of their opposition to some fossil-fuel
fund managers globally are expected projects and firearms policies. AK ME
to increase ESG-related assets under As of March, at least seven states
management to $33.9 trillion by 2026, had passed laws or regulations against
VT MA
from $18.4 trillion in 2021, according ESG when investing state resources,
to consultancy PwC. according to a report by the Harvard
Companies want high ESG scores Law School Forum on Corporate Gov- WA ID MT ND MN WI MI NY CT NH
to attract capital from institutional ernance. Some pro-ESG initiatives are
sources like pension plans—including also passing, but out of 109 proposals OR UT WY SD IA IL IN OH PA NJ RI
funds controlling hundreds of billions at the state level, 86 oppose ESG this
of dollars in states such as California year, up from 14 in 2022, according to
and New York. Governments and law firm Morgan Lewis. CA NV CO NE MO KY WV VA MD DE
companies are also playing a role Critics say ESG brought some of
through capital markets, issuing debt the backlash upon itself, opening itself AZ NM KS AR TN NC SC DC
such as green bonds that incentivize to attack through overcommercializa-
sustainable projects, emissions cuts, tion, combined with fluffy metrics and
OK LA MS AL GA
and biodiversity. targets set so far in the future that
There are also steep opportunity they are meaningless. Even advocates
costs for staying on the sidelines. say it needs an overhaul, including far HI TX FL
Tackling climate change will require stricter standards to effectively blunt Source: TD Cowen
$35 trillion of investment by 2030, the criticism that it’s a front for corpo-
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ability to compete for a lot of busi- and profits from things like climate Borrowing costs increased by up to 70% of voters, including 53% of Re-
ness,” Cisco CFO Herren says. change or poor governance. 0.41 percentage point for issuers that publicans, say companies should ad-
“There’s a bigger upside on the had previously sold most of their dress environmental issues, and 57%
top line.” More Bark Than Bite bonds through the underwriters that of voters overall say companies have
Yet as more money flows into ESG, As the backlash grows, so do the eco- quit the market. a right to openly criticize legislation.
and companies seek to reach young, nomic incentives for ESG and pro- “Lots of states are looking at what Many investors remain interested
progressive consumers, they face gressive policies. Far more proxy pro- happened in Texas and want to take in social goals. Thirty percent of
growing reprisals on the right. “Exec- posals in favor of ESG receive support a stance, saying we prefer banks to be institutional investors plan to in-
utives are getting nervous about the from shareholders than those against friendly to our important industries,” crease ESG exposure over the next
anti-ESG backlash from the Republi- it—the anti side is averaging just 1% says Garrett. He adds that the newer 12 months, 19% aim to keep it un-
can party,” says NYU’s Taylor. “This this proxy season, according to RBC anti-ESG initiatives carve out excep- changed, and just 1.6% plan to cut,
year is looking more fraught, polar- Capital Markets. tions for local districts to avoid the according to a recent survey con-
ized, and risky.” BlackRock, which has come under higher costs associated with black- ducted by JPMorgan.
Led by DeSantis, a coalition of 19 fire over its advocacy for ESG, says it listing big banks. The companies that continue to
Republican-led states pledged in lost $4 billion in assets from anti-ESG ESG’s very success may be fueling speak out sound equally resolute.
March to oppose the use of ESG fac- states in 2022, while $230 billion of the backlash too, says Jason Jay, direc- Evan van Hook, chief sustainability
tors in state pensions and other types U.S. assets flowed in amid $400 bil- tor of the Sustainability Initiative at officer at Honeywell, says the com-
of investments. The proliferation of lion globally, according to Fink. the MIT Sloan School of Management. pany’s commitments to sustainability
ESG “is a direct threat to the Ameri- “They’re trying to demonize issues,” He points out that “climate-aligned” aren’t changing because “someone
can economy…putting investment de- he said at the Davos economic forum capitalism is advancing, such as a re- decides that, ‘Oh, now we’re going
cisions in the hands of the woke mob,” in January, adding that if “you do not cent accord by 550 financial compa- to call that woke.’ ” Honeywell has
the governors said in an open letter. have a lens towards decarbonization, nies to reach net-zero emissions by pledged to be carbon neutral by 2035.
Texas is also at the forefront of the you’re not going to win one euro of 2050. “The movement has gained “Even if we didn’t talk about it, the
anti-ESG movement. Banks with poli- business.” so much momentum that it’s really targets are out there,” van Hook says,
cies against fossil fuels and firearms State antiwoke initiatives can cost started to worry fossil-fuel companies “and we’re not going to stop because
were banned from underwriting mu- taxpayers. In Texas, municipal bond and politicians in fossil-fuel produc- someone’s calling them names.” B
nicipal bonds in 2021. Texas also re- issuers incurred $300 million to $500 ing states,” he says. Lauren Foster and Evie Liu
quired public pensions to divest from million in additional interest on nearly Another reason the criticism may contributed to this article.
May 8, 2023 BARRON’S 17
H
eat pumps are that turbo- free cash flow over the next two years,
charger. A heat pump is like Carrier’s balance sheet should look
an air conditioner, but more similar to Trane’s by 2025.
Heat-Pump Future
efficient, and can both cool If the market sees the same thing,
and heat using electricity. They are Carrier shares could be worth $57
the electric vehicles of HVAC and trading at a Trane-like multiple, up
will go a long way to reducing car- 35% from a recent $42.38. Dray, who
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
bon-dioxide emissions. All told, re- rates Carrier Outperform, has a more
placing all HVAC systems in U.S. conservative price target of $48 a
single-family homes with heat pumps share, up 13%. Dray’s price works out
The HVAC supplier does a deal that should make it look a lot like its rival, would cut roughly as much carbon as to about 17 times his estimated 2024
Wall Street darling Trane Technologies. Investors so far aren’t impressed. putting 60 million Teslas on the earnings, putting his target multiple
road. Carrier’s HVAC business is between Carrier’s existing price/earn-
expected to hit $15.1 billion in 2023, ings ratio and Trane’s.
up from $13.4 billion in 2022. Either way, Carrier looks better
BY AL ROOT Trane Technologies (TT), at least Carrier XCT8 vari- If Carrier is overpaying for Viess- positioned today than it was a week
I
able refrigerant
when it comes to HVAC stocks. Car- units with heat mann, it isn’t by much. The deal val- ago. Investors just haven’t bothered to
f you can’t beat ’em, copy ’em— rier is growing fast, but Trane is pumps. ues the latter at about 17 times 2023’s pay attention yet. B
and that’s exactly what Carrier growing even faster—its earnings in-
Global, the maker of heating, creased at a 28.5% clip over the past
ventilation, and air conditioning three years, and the stock returned Playing Catch-Up
products, is doing. 26.8% over the past 12 months. Trane Carrier is making big changes to close the gap with Trane.
Carrier (ticker: CARR), based also fetches 20.4 times 12-month for-
Carrier Global / CARR Trane Technologies / TT 50%
in Palm Beach Gardens, Fla., ward earnings, a sign of just how
has grown earnings at a more-than-re- much more investors seem to value it Recent Price: $41.10 Recent Price: $176.00 40
spectable 19.4% a year on average over relative to Carrier. 52-Week Change: 4.3% 52-Week Change: 24.6% 30
the past three years. The stock has Carrier stock might now be poised 20
2024E EPS: $2.81 2024E EPS: $9.21
returned 6.1%, including reinvested to close that gap. On April 25, the
2024E P/E: 14.7 2024E P/E: 19.1 10
dividends, over the past 12 months, 10 company announced the acquisition of
percentage points more than the S&P Viessmann Climate Solutions, a lead- EPS Growth*: 19.4% EPS Growth*: 28.5%
0
Courtesy of Carrier
500 index, and fetches less than 16 ing German maker of heat pumps and -10
Sales Growth*: 8.2% Sales Growth*: 13.4%
times 12-month forward earnings, other climate-control products, for 12
-20
well below the S&P 500’s 18 times. billion euros, or about $13.2 billion, in Operating Margin**: 16.3% Operating Margin**: 13.9%
May 2022 ’23
What Carrier hasn’t been able to do cash and stock. Carrier also plans to
is keep up with a Wall Street darling, exit most of its refrigeration, fire, and E=estimate; *Three-year trailing annualized; **Three-year trailing average Sources: Bloomberg; FactSet
18 BARRON’S May 8, 2023
Sputtering. They
companies—and major investments in cleaner fuels to reach a self-imposed
the industry by companies like BP (BP) net-zero goal, but they remain outliers.
and Chevron (CVX)—hangs in the In the fourth quarter of last year, the
balance. value of credits tied to federal and state
The price crash has “put everybody policies amounted to more than 100%
B
With more credits being produced than problem for the companies. The Inter- down 26%.
illions of gallons of fuel carbon-emitters need to buy, the value national Energy Agency says biofuels The drops come despite the fact that
refined from cooking oil, of each credit has declined. production will have to quadruple from several kinds of renewable fuels are
french-fries grease, land- The federal government has been 2021 levels by 2030 and make up 15% showing they can be viable replace-
fills, and farm byproducts running its own clean-fuels program of global transportation fuel—up from ments for fossil fuels. Biofuels are
are being pumped into the since 2005, requiring that refiners 3.6%—to limit harsh climate-change nothing new, but the market has ex-
engines of American vehi- blend certain renewable fuels into impacts. Biofuels are considered the panded dramatically in the past few
cles every year. As long as gasoline and diesel or pay for credits. Renewable natural best near-term solution to decarbonize years. The best-known biofuel is etha-
people keep planting corn and eating But the Environmental Protection gas, captured from heavy equipment because electric-vehi- nol, which is mostly made from corn
things such as ani-
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
fast food, there’s no imminent short- Agency’s latest clean fuel volume mal manure, can be
cle batteries are simply too heavy to and has been blended with gasoline for
age of oil to pump into tanks. But mandates are lower than some pro- piped around the support trucks right now, and the tech- decades; it still makes up about 70% of
there has been a shortage of cash to ducers had hoped, and credit prices country like tradi- nology to electrify airplanes is decades the biofuels market.
tional gas. Below, a
pay for it lately, stalling the industry’s have slipped for products such as Clean Energy Fuels away from being used at scale. But other kinds of fuels are quickly
growth and raising questions about biogas. facility. Most biofuels still cost considerably making their way into fuel tanks
its future.
Following a selloff in the industry
that has pushed several stocks down
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Prepare for
the Energy
ALPS Transition
We are in the midst of a global energy
Clean Energy
transition from traditional carbon-based
sources, such as crude oil and natural gas,
to renewable clean energy sources, such
as wind, solar and fuel cells.
• Solar
• Wind
• Electric Vehicles
• Bioenergy
• Hydropower/Geothermal
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20 BARRON’S May 8, 2023
around the country, thanks to govern- Out of Fuel Blair thinks Opal itself could be an
ment support and technological ad- As prices for clean-fuel credits have dropped, so have many stocks in the industry. “attractive takeout candidate,” which
vances. About 5% of U.S. diesel fuel Calif. Low Carbon Credit Price
is one reason he rates it at Buy. He
is now made up of biodiesel or renew- also likes Darling Ingredients.
Darling Ingredients Clean Energy Fuels Opal Fuels Calumet Specialty Products Partners
able diesel, two forms of carbon- Another source of optimism on
friendly fuel with somewhat different 60% biofuels is the emergence of a new
chemical compositions. Renewable market for cleaner aviation fuel.
diesel can be used as a direct replace- Oils from beef, soybeans, and other
40
ment for traditional diesel, whereas sources can be refined in such a way
biodiesel must be blended at a lower as to make them viable replacements
percentage rate. That has helped spur 20 for jet fuel, a market that’s a major
quick adoption, with renewable diesel contributor to climate change. The
capacity quadrupling in the past four biggest U.S. airlines have committed
0
years. By 2025, renewable diesel is to use much more of the cleaner stuff,
likely to account for the majority of known as sustainable aviation fuel,
diesel fuel used on the West Coast, -20 over the next decade, with United
according to the Energy Information Airlines and others even pledging
Administration. $100 million to projects that can
-40
Major refining companies— jump-start the industry.
including Valero (VLO), Marathon The Inflation Reduction Act also
Petroleum (MPC), and CVR Energy -60 included extra subsidies for the air
(CVI)—are all investing in expanding May 2022 ’23
fuel, as have states including Illinois.
capacity for renewable diesel. Chevron Calumet Specialty Products Part-
is also expanding capacity, after buying Sources: OPIS; S&P Global Platts; Bloomberg ners (CLMT), the biggest U.S. pro-
renewable diesel and biodiesel pro- ducer of the fuel, just started making
ducer Renewable Energy Group in 1,000 barrels a day at a repurposed
2022. Normally, one oversaturated market Associates. But she does expect state Montana refinery it owns. That’s a
But all of that added capacity has wouldn’t sink an industry. But biofuels proposals to do better. New York, New minuscule portion of the seven mil-
begun to overwhelm the California producers have limited options. Ore- Mexico, Illinois, and other states are lion barrels of jet fuel used around
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market, resulting in an excess of low- gon and Washington recently started considering low-carbon standards the world every day, but it’s expected
carbon credits. The accumulated bank up their own low-carbon programs, to meet their own net-zero goals. A to ramp quickly. “We’re at the infan-
of excess credits, which can be used in and British Columbia has one, too, but patchwork of state benefits could sup- tile stage of what we think is going to
future years, could cover at least half a none are as substantial as California’s. port the industry’s expansion goals. be an explosive growth story,” says
year’s worth of carbon emissions with- Federal renewable credits have been New state programs are just one Calumet CEO Todd Borgmann. The
out a single ounce of biofuel being sold helpful but on their own can’t support reason analysts are becoming more Montana site gives Calumet access to
in the state. That oversupply has the industry, analysts say. optimistic about the industry. “I would cheap feedstocks and end markets,
caused the credits to crash. To help bridge the gap, some sena- say that the industry is going through a including Canada and California, that
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Andy Walz, who heads up oil prod- tors have discussed the possibility of much-needed reckoning,” says Mat- are willing to pay up for clean jet fuel.
ucts for Chevron in the Americas, in- a national low-carbon standard. Sen. thew Blair, an analyst at Tudor, Picker- After a decade of losses, analysts ex-
cluding its expanding portfolio of re- Tom Carper (D., Del.) said at a Febru- ing, Holt who covers biofuels. The days pect Calumet to swing to a profit this
newable fuels, says in an interview that ary hearing that a federal standard of “growth at all costs” are over, Blair year, and quadruple earnings by
the decline isn’t going to stop the com- “can provide certainty, predictability, says. “The companies are behaving 2026.
pany’s investments. “Policies do move and flexibility for all stakeholders more as regular businesses.” Raymond James analyst Pavel
around, and prices like this move while also spurring innovation.” But The California Air Resources Board Molchanov thinks it’s worth buying
around, and we’re prepared to weather Republicans disagreed, with Sen. is planning to tighten standards by Clean Energy Fuels on expectations
through it and continue our strategy,” Shelley Capito (R., WVa.) warning next year. Analysts expect credit prices that credits will rise, though he also
he says. that a federal standard could cause to rise considerably—if not back to issued a warning to investors. “This
The impact has been harder on gasoline and diesel prices to rise. their 2020 highs above $200, then at stock’s always-volatile attributes—it
renewable natural gas, which is more Analysts say that the extra compli- least to well above $100. Since the is emphatically not a buy-and-hold
dependent than diesel on the credits. ance costs for refiners can end up board held a meeting on the program name—make it essential to be tactical,
RNG, which is mostly made of meth- trickling down to consumers, and in February, prices are already up, and that means short-term trading
ane, is captured from landfills, sewage, are one reason California’s gasoline from $62 to a recent $82. The EPA is calls,” he wrote.
and animal manure and can be piped prices are higher than elsewhere. also expected to shift its rules in a way McAfee, the Aemetis CEO, says the
around the country like the traditional “I doubt that my state and many that boosts the value of credits known industry may not appeal to fearful
product. There are 281 RNG facilities others, particularly in rural America, as renewable identification numbers, investors. “This is a time for sophisti-
operating in North America, but the will want to import the West Coast’s or RINs, said Opal Fuels co-CEO Jon cated investors to make an amazing
industry makes up less than 1% of U.S. policies,” Capito said. Maurer in a recent interview. amount of money, because the mar-
natural-gas production. BP bought Given the disagreement, and grow- Maurer thinks the best sign that the ket’s just simply wrong,” he says.
landfill-gas producer Archaea Energy ing concerns about inflation, analysts industry will bounce back is that bigger For now, a bet on these companies
last year, with plans to quintuple its doubt that a low-carbon standard players have moved in. Both BP and is dependent on supportive political
capacity. While big companies are could pass at the federal level. “I don’t Shell (SHEL) have announced multi- policy and tech advancements com-
expected to continue their expansion see how the U.S. government is going billion-dollar acquisitions of RNG com- ing together at the same time. If those
projects, some smaller producers say to develop a national LCFS,” says Me- panies in the past year. “This is a big two forces do meet, the stocks could
that low credit prices in California have gan Boutwell, president of transporta- groundswell of support in our indus- rise like jets, regardless of what’s
slowed their development. tion fuels consulting firm Stillwater try,” he says. powering the engine. B
May 8, 2023 BARRON’S 21
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farmland, and when it started buying others do the ‘dirty work’ for them.”
Bahia soy farms a decade ago, they TIAA hasn’t been accused of
were one-tenth the price of those in wrongdoing in either criminal or civil
Illinois. Brazil became the biggest part complaints in Brazil. “We don’t engage
T
scheme to win land disputes by brib- tors who often use violence, fraud, and by Barron’s and a not-for-profit jour-
eachers Insurance and ing a judge. His suspected killer, a cop government corruption to assemble nalism group, the Organized Crime
Annuity Association of with a side hustle, was then killed in property that they can flip to big buy- and Corruption Reporting Project.
America found itself in a what prosecutors say was a coverup of ers, according to government officials. Those investment and accounting
rough neighborhood when a farm property corruption scheme TIAA and other foreign institu- records, legal memos, and tax analy-
it started buying Brazilian now being prosecuted. tions have benefited by “outsourcing” ses show that TIAA and Cosan bought
Isabella Finholdt/OCCRP
farmland. These shots might not have echoed land expropriation to land-grabbers, dozens of farmland titles from sellers
On a summer morning beyond Brazil, except that some of concluded a September 2017 Bahia that Brazilian officials have called
in 2014, money lender Genivaldo Dos that farmland was sold four years fact-finding mission by Brazil’s Justice land-grabbers. One of these sellers,
Santos Souza was shot eight times in a earlier to the world’s biggest institu- Ministry. “TIAA and its affiliates may who has since died, was accused of
Brazilian farm town’s square. Not long tional manager of farm assets: Teach- not be directly involved in land-grab- using fraud, arson, and murder to
before, public records show, he had ers Insurance and Annuity Associa- bing and ecocide,” said the Justice drive local farmers from their homes.
22 BARRON’S May 8, 2023
Others are now at the center of the “grileiro”—the Brazilian name for accusations have appeared in a São
Bahia land corruption prosecution land-grabber. In 2011, a legislator on Paulo newspaper and it may only be a
known as Operation Far West that the floor of the Maranhão state assem- matter of time before Radar’s name
started with the slain whistleblower bly accused de Carli of illegally grab- appears in that newspaper,” wrote
Dos Santos Souza and has yet to go to bing 400,000 acres of land by hiring Nuveen lawyer Duane Nelson in a
trial in the national capital of Brasília. thugs who used arson to oust farmers December 2016 email.
“We take these allegations very and killed two people who resisted. “I know the group is aware of the
seriously,” says Orbe. “We also expect While TIAA’s Orbe says all proper- sensitivity around ‘land grabbing,’ ”
the government to investigate and ties were acquired from de Carli le- wrote Justin Ourso, who at the time
prosecute instances of land-grabbing gally, she says the publicity prompted was Nuveen’s head of real assets in-
wherever it occurs.” The TIAA the fund manager to improve its due vesting. “TIAA cannot be surprised
spokeswoman says all TIAA’s farm diligence in 2016 and 2017 with added regarding these accusations again.”
purchases met industry standards for litigation and background checks. TIAA declined to make either Nel-
legal and commercial due diligence at “Only in cases where we are satisfied son or Ourso available to Barron’s for
the time of purchase. Cosan didn’t with these checks on the seller, will questions. Both still work at the firm.
respond to repeated emails and phone we move forward with the land pur-
I
calls from Barron’s. chase,” she says. n December 2019, a 140-page fed-
In the century since it started as a Land-fraud findings against de eral indictment, filed in Brasília,
teacher’s pension fund, TIAA has Carli were issued in 2016 and 2017 by charged José Valter Dias, who had
grown to the nation’s largest nonprofit Brazilian state judges and federal sold two farms to TIAA, and his
retirement manager. It’s as proud of prosecutors. He died in 2019, but a son with bribing judges to win land-ti-
its ethics as its returns. One way the spokesman for his De Carli Group told tle disputes. (TIAA’s name didn’t ap-
$1.2 trillion manager found to pursue Barron’s that all de Carli’s land acquisi- pear in charging documents.) The
its mission of “financial services for tions had been legitimate, that he had murders of Dos Santos Souza and his
the greater good” is to buy farmland— never fomented violence, and that he Cosan owner TIAA says it was aware of the suspected killer were coverups of the
Rubens Ometto,
an asset that feeds the world and is was never charged with a crime. above, is one of longstanding dispute. So it secured conspiracy, said prosecutors.
largely uncorrelated with financial If TIAA thought its land controver- Brazil’s richest men. the property by making separate A defense attorney for Dias and his
TIAA and partner
market moves. A recent study by sies in Brazil were resolved in 2015 Cosan bought farms
deals with each contending party. son says they had no relationship with
TIAA’s investment management unit, when it stopped buying land from de in western Bahia, TIAA executives bragged about this the arrested judges and that the evi-
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Nuveen, said U.S. farmland prices Carli, it was mistaken. below, that had solution in internal emails and in dence demonstrates their innocence.
been hotly disputed
rose nearly 7% a year since 2001. Bra- In a western region of Bahia that between two land- marketing presentations to outside Regarding the murders mentioned in
zil’s increased at a 13% rate, with farmers called “the new frontier,” the owning groups since investors. the indictment, the lawyer says he was
steepening gains since 2008, when TIAA/Cosan Radar partnership had 1980. The Bahia land rivals continued to unaware of any suspicion falling on
TIAA started buying. bought a 17,000-acre farm called battle in court, and in 2016 each side either Dias.
Laws in Brazil restrict foreign own- Parceiros in 2010. The farm fell was accusing the other of being a Asked for comment, TIAA said
ership of farmland, so TIAA formed a within a larger area—bigger than the land-grabber. that “legitimate titles were acquired
partnership with Cosan, a holding nation of Luxembourg—that had In internal emails, TIAA executives for both of those properties.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
company controlled by one of Brazil’s been disputed between two landown- expressed concern. “The immediate Over three years, the Far West in-
richest men, Rubens Ometto. Starting ing groups since 1980. risk here is that the land-grabbing vestigators have continued gathering
with a venture called Radar, TIAA/ evidence ahead of a trial. Prosecutors
Cosan partnerships bought over 1,000 have filed charges against additional
land titles in Brazil from 2008 to judges—and then against Valter Dias’
2018—the Cosan records show—with rivals in the 40-year long Bahia farm-
about a third of them acquired in re- land dispute. All the alleged land-
lated party deals from Ometto’s family grabbers have denied the charges.
office. TIAA has put in the most On April 12, a Bahia judge invali-
money and been entitled to most of dated the land claims of both Dias and
the economic returns. his rivals—that is, everyone that TIAA
TIAA says the purchases were made had purchased from.
at arm’s length with independent vali- That no longer matters to TIAA.
F UN DS
Scoreboard: Banks Sank
Environmental Activists Financial -services funds took a beating as turmoil picked up again in regional banking. Reassuring
words from the Federal Reserve did little to help.
One Week Year-to-Date
A
VanEck Intl Gold Y / INIYX Precious Metals Eq 5.15 22.1
t first it seems like a typical tance of its role. In a 2022 Q&A it posted OCM Gold Atl / OCMAX Precious Metals Eq 5.09 20.6
Allspring Prec Met A / EKWAX Precious Metals Eq 5.06 24.4
financial-services TV ad. A little online, John Galloway, its head of invest- Gabelli Gold I / GLDIX Precious Metals Eq 5.01 20.7
girl in braids is planting seeds in ment stewardship, stated, “Through... Rydex Precious Metls Inv / RYPMX Precious Metals Eq 5.00 18.1
Sprott Gold Equity Inv / SGDLX Precious Metals Eq 4.97 18.5
a flower box with her smiling direct engagements with company man- Fidelity Adv Biotech I / FBTIX Health/Biotech 4.72 1.6
Midas Fund / MIDSX Precious Metals Eq 4.72 18.8
grandparents. “Investing with Vanguard agement teams and boards of directors, EuroPac Gold A / EPGFX Precious Metals Eq 4.61 22.2
helped us seed our retirement dreams, but and proxy voting, we work to ensure that Franklin Gld&Pr Mt A / FKRCX Precious Metals Eq 4.47 16.6
Fidelity Sel Gold / FSAGX Precious Metals Eq 4.30 19.4
now we’re reaping what they’ve sown,” portfolio companies are taking the appro- Fidelity Sel Bio Tech / FBIOX Health/Biotech 3.79 2.7
the grandmother’s voice intones. Sud- priate steps to address the risks that cli- First Eagle Gold I / FEGIX Precious Metals Eq 3.56 17.8
US Glbl Gold&PM / USERX Precious Metals Eq 3.55 10.8
denly, the plants in the flower box are mate change poses to long-term investors.” Princeton Lng/Sht Trs I / PTAIX Alt Mgd Futures 3.18 3.7
wilted and we see smoke in the distance: Vanguard declined to comment on the Fidelity Sel Pharm / FPHAX GL Health/Biotech 3.16 8.0
Ashmore EM Sht Dur Inst / ESFIX Emg Mkts HC Debt 3.13 5.4
“I’m so sorry, little one. Climate change is S.O.S. campaign, citing previous state- Gold Bullion Strat Inv / QGLDX Precious Metals Eq 3.11 11.5
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
is currently airing on CNBC in Chester above three degrees Celsius.” Firsthand Tech Opptys / TEFQX Science & Tech – 9.61 – 11.6
Emerald Fin&Bnk Innv Ins / HSSIX Financial Services – 9.16 – 21.4
County, Pa., the home of Vanguard Group, That analysis matters because it means RMB Inv Fnl Svc I / RMBLX Financial Services – 8.62 – 28.0
which manages $7.2 trillion. that climate change will have a material Hennessy Lg Cap Finl Inv / HLFNX Financial Services – 7.21 – 20.2
Fidelity Sel Energy / FSENX Natural Resources – 6.94 – 10.9
As part of Vanguard S.O.S.’ April 2022 financial impact on businesses Vanguard Fidelity Adv Energy I / FANIX Natural Resources – 6.90 – 10.8
launch, 107 environmental groups— invests in worldwide. Moreover, the worse
including the Sierra Club in the U.S. the temperature change is, the greater the The Largest 25
Assets 3-Year* 1-Week YTD
and the Sunrise Project in Australia— impact. One persistent claim by opponents Fund Investment (billions) Objective Return Return Return
representing some six million people sent of environmental, social, and governance, American Funds Gro A / AGTHX $104.5 Large-Cap Growth 8.8% – 1.16% 9.7%
American Funds Bal A / ABALX $92.5 Mix Tgt All Gro 6.7% – 0.74% 2.7%
an open letter to Vanguard CEO Tim or ESG, investing is that money managers Vanguard Wellington Adm / VWENX Mix Tgt All Gro 8.0 – 0.98 3.8
91.1
Buckley, asking that the firm “tackle its are fiduciaries and therefore must priori- Fidelity Contrafund / FCNTX 89.4 Large-Cap Core 10.4 – 1.76 12.5
climate problem comprehensively” by tize profit maximation over environmental Vanguard Tgt Ret2030 Inv / VTHRX 80.8 Mix-Asst Targ 2030 6.8 – 0.51 5.6
Vanguard Tgt Ret2035 Inv / VTTHX 80.3 Mixed-Asset Target 2035 8.0 – 0.68 5.7
focusing on four goals: improving its concerns. But the science that Vanguard
American Funds Inc A / AMECX 75.3 Mix Tgt All Mod 9.1 – 1.27 0.6
proxy voting on environmental-related acknowledges indicates that climate Vanguard Tgt Ret2025 Inv / VTTVX 74.4 Mixed-Asset Target 2025 5.8 – 0.34 5.3
shareholder proposals, committing to the change will hurt bottom lines. Fidelity SA US Tot Stk / FCTDX 72.0 Multi-Cap Core 14.0 – 1.64 6.2
Paris climate agreement’s goal to reduce The problem is weighing the short- American Funds Wash A / AWSHX 70.8 Large-Cap Value 13.3 – 1.62 0.6
PIMCO Income Inst / PIMIX 70.3 Multi-Sector Inc 3.2 0.70 3.6
emissions enough to limit global warming term risks of missing out on, say, an oil- Vanguard Tgt Ret2040 Inv / VFORX 70.0 Mixed-Asset Target 2040 9.1 – 0.83 5.9
to 1.5° Celsius, shifting investment policy stock boom versus the long-term risks of a American Funds EuPc R6 / RERGX 69.3 Intl Large-Cap Growth 8.9 – 0.70 9.8
to manage climate risk, and integrating decimated fossil-fuel industry. “Fiduciary American Funds ICA A / AIVSX 68.2 Large-Cap Core 12.3 – 1.56 6.2
Vanguard Tgt Ret2045 Inv / VTIVX 65.9 Mixed-Asset Target 2045 10.2 – 1.02 6.1
“climate justice” into business decisions. duty means you have to consider the folks Dodge & Cox Stck I / DODGX 63.9 Multi-Cap Value 17.0 – 2.85 – 1.0
Although Vanguard has long claimed you have to pay out in 20 years with the Fidelity SA Core Inc / FIWGX 63.2 General Bond – 1.4 0.72 4.0
that it engages with companies privately, it same level of responsiveness as the folks American Funds CIB A / CAIBX 61.0 Global Equity Income 8.1 – 1.14 2.2
Vanguard PRIMECAP Adm / VPMAX Large-Cap Core 14.1 – 0.11 6.8
has a poor public record relative to peers you do now,” says Jessye Waxman of the 58.9
American Funds FInv A / ANCFX 57.8 Large-Cap Core 11.7 – 1.68 5.1
such as BlackRock, State Street, and Fidel- Sierra Club’s Fossil-Free Finance cam- Dodge & Cox Income I / DODIX 56.0 Core Bond – 0.7 0.40 3.6
ity of supporting ESG-related shareholder paign. “This matters for long-term inves- Vanguard Tgt Ret2050 Inv / VFIFX 53.6 Mix-Asst Targ 2050 10.3 – 1.11 6.1
proposals. That, plus the fact that it with- tors like Vanguard, which have many Vanguard Div Gro Inv / VDIGX 52.3 Equity Income 14.0 – 1.06 0.4
American Funds NPer A / ANWPX 51.6 Global Large-Cap Growth 11.8 – 0.82 9.7
drew from the widely supported Net Zero clients who are saving for retirement, Fidelity Str Adv Cre Inc / FPCIX General Bond – 1.9 0.85 4.2
50.5
Asset Managers initiative to cut emissions including people looking to retire much
*Annualized 04/30/2020 to 05/04/2023. Through Thursday. Source: Lipper
in December, means that the negative closer to midcentury.” B
24 BARRON’S May 8, 2023
I N C O M E I N V E ST I N G TECH TRADER
Dividends and Growth? Even as Tech Struggles,
Big Pharma Has Both Apple Manages to Thrive
BY LAWRENCE C. STRAUSS and is expanding in oncology treat- BY TAE KIM perience on a device they use for hours
ments, which should be “an important every day. Warren Buffett, one of Apple’s
H A
ealthcare stock dividends look growth driver,” according to a recent J.P. pple is special. largest shareholders, figured it out years
stingy at an average 1.7%, be- Morgan note. For weeks now, we’ve seen ago when he saw his grandchildren glued
low sectors like utilities at One of Gilead’s promising drugs is data pointing to continued to their iPhones.
3.2% or real estate at 3.7%. But Trodelvy, which is used to treat breast struggles for all kinds of tech- The sticky nature of Apple’s ecosystem
some Big Pharma stocks yield 3% to 4% cancer and could be expanded to other nology hardware. PC demand is tum- plays a big part, as well. Earlier this year,
and could be good defensive bets in a types of tumors. It is patent-protected in bling. Smartphones are struggling to the company said its install base sur-
sluggish economy. the U.S. through 2028, according to grow. It was a tough setup for Apple. passed two billion active devices. During
“The case for owning them is 4%-ish Gilead. The drug’s sales totaled $680 And yet the company delivered. the earnings call on Thursday, manage-
yields and you don’t need to worry about million in 2022, up from $380 million the On Thursday evening, Apple reported ment said paid subscriptions across its
the economy,” says Jenny Harrington, prior year. Gilead also has 22 drugs in March-quarter results above expecta- platform—including Apple Music, Apple
CEO and portfolio manager at Gilman late-stage development, makes an antivi- tions. Revenue fell by 3% year over year, TV+, and iCloud—have reached 975 mil-
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Hill Asset Management. ral drug for Covid, and is working on but iPhone sales were actually up. lion, double the level from three years ago.
Pharmaceutical stocks are tough to another Covid treatment. The stock surged 5% on the earnings Then there are the attractive share-
handicap. Even when a blockbuster drug Gilead’s profits are expected to dip 6% and revenue beats. holder returns. What sometimes gets
is flourishing, patent expirations always to $6.82 a share this year and then rise Overall demand for computers and overlooked is the sheer magnitude of Ap-
loom, making it difficult to forecast sales modestly in 2024 and 2025, reaching $7 smartphones has been in free fall, follow- ple’s financial prowess. This past week,
more than a few years out. Future value to $8 a share. The dividend looks well- ing a large pull forward in spending dur- Apple authorized an additional $90 bil-
lies in pipelines of drugs in various stages covered, and shares, at a recent $81, trade ing the pandemic. Last month, IDC said lion stock buyback and increased its divi-
of development. And companies tend to at just 11 times estimated 2024 earnings. worldwide shipments of PCs fell 29% in dend for the 11th consecutive year, while
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
make huge acquisitions to rebuild sales, Another of Clayton’s holdings is the first quarter from a year earlier. Simi- vowing more annual increases going for-
sometimes buying rights to drugs that Merck (MRK). Sales of its blockbuster larly, Intel (INTC)—the largest supplier ward. There is room to do so, given that
have yet to be proven winners. cancer drug, Keytruda, grew 22% last of PC processors—recently reported a Apple generated about $100 billion in net
A dividend isn’t going to be the driving year to nearly $21 billion. Its sales are 36% decline in revenue for the March income during its last fiscal year.
force in a pharma stock’s success, but it expected to jump to $24 billion this year, quarter. “Few things in the market are as cer-
can serve as a bulwark and support re- or 41% of Merck’s $58.7 billion total, ac- The mobile phone market isn’t much tain as Apple’s cash-generating abilities,
turns. Pfizer (ticker: PFE) has a 10-year cording to consensus estimates. Its U.S. better. Research firm Canalys said first- product resilience, and remarkably high
annualized return of 7.5%, including divi- patent expires in 2028. quarter worldwide shipments for mobile consumer sentiment,” Jefferies analyst
dends, well below the S&P 500 index’s Merck will need to rebuild sales when phones fell 13% year over year due to Andrew Uerkwitz wrote in a note to cli-
12.3%. Without the dividends, its annual Keytruda goes off patent, and its ability to difficult economic conditions. On ents after earnings.
price gain is 3.7%. Bristol Myers Squibb do so remains an overhang on the stock. Wednesday, Qualcomm (QCOM), the Apple shares aren’t cheap. Its stock
(BMY) has a 10-year return of 8.7%, ver- The company recently announced a $10.8 leading maker of mobile processors and trades for roughly 28 times projected
sus 5.6% for the share price alone. billion deal for Prometheus Biosciences, a 5G wireless chipsets, posted a 17% reve- earnings for the next 12 months, a high
Iain Clayton, a senior portfolio man- biotech with a late-stage drug that could nue decline in the March quarter, while price to pay for a technology company that
ager of the Schwab Health Care fund be used for conditions such as ulcerative giving a markedly worse-than-expected is barely growing. If we are headed into a
(SWHFX), doesn’t initially seek out divi- colitis, Crohn’s disease, and other auto- forecast, citing softening demand for broad-based consumer recession, Apple
dends. But “when you focus on quality immune conditions. Merck is also work- smartphones. won’t be immune to economic pressures.
and stability, that leads you toward larger ing with Moderna (MRNA) to develop a Through it all, Apple still managed to But Apple may be a relative haven
companies that aren’t as risky and, in the cancer vaccine. “There is risk out there, deliver growth in year-over-year iPhone compared with other big technology
pharma space, have good yields,” he says. but there seems to be enough going on in sales. stocks. Investors are more likely to look
For such stocks, he argues, pipelines, the pipeline,” says Clayton. In a world where most technology past short-term bumps because of confi-
patent expirations, and current sales are At a recent $118, Merck stock is up 6% products are commodities, Apple’s cus- dence in the iPhone franchise. And con-
“paramount” to valuations. But the safety this year, pushing past its 52-week highs. tomers are less likely to be swayed by sumers are likely to keep upgrading and
of the dividend “does provide some de- It’s also at a premium to its historic valu- discounts. It has a stellar brand, high sticking with Apple’s devices years into
gree of security as you wait.” ation, at about 14 times estimated 2024 customer satisfaction, and incredible the future.
One of his holdings is Gilead Sci- earnings. Investors can pocket a 2.5% loyalty. Apple deserves a premium because
ences (GILD), which yields 3.7%. The yield while they wait to see if Merck’s Consumers are willing to spend a few there aren’t many companies with that
company is a strong player in HIV drugs pipeline and deal making will pay off. B hundred dollars more to get a better ex- kind of loyalty. B
May 8, 2023 BARRON’S 25
THE EC ONOMY
As the latest job numbers indicate, past
monetary-policy tightening has yet to produce
an easing in tight labor markets.
Believe on Rates,
of increase of average hourly earn- 2.6% at the end of 2024. Given that
ings for nonsupervisory workers (the the core PCE deflator rose at a 4.9%
bosses’ pay being less cyclical). The annual rate in the first quarter, with
exception was during the long, slow no sign of slowing from preceding
T
yet to reach its peak rate, and the according to a research note from
his past week’s expected, by 0.5% in the latest month duration of the higher official rate JPMorgan chief economist Bruce
economic narrative and 4.4% from a year ago. cycle could extend much further than Kasman. As the latest job numbers
went something As always, there were nits to be the markets expect,” writes Joseph indicate, past monetary-policy tight-
like this: The picked out of the latest jobs report. Carson, former chief economist for ening has yet to produce an easing in
Federal Reserve’s April’s payrolls gain was offset by AllianceBernstein, on his blog, tight labor markets.
interest-rate downward revisions totaling 149,000 whence came the nearby chart. Central banks are embracing
increases have in the two preceding months. Part of The real interest rate is what’s left “disinflation gradualism” to bring
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set off a crisis among regional banks the latest rise in payrolls was due to after taking away inflation from the inflation back to target over a two-
that will produce a crippling credit the Department of Labor’s so-called nominal rate. At his news conference to three-year period, he says. That
crunch and send the economy spiral- BY RANDALL birth/death adjustment to reflect as- this past Wednesday following the aims to avoid scuttling the postpan-
ing into an imminent recession. W. FORSYTH sumed net business formations. And central bank’s policy meeting, at demic recovery, and now, worsening
By Thursday, regional-bank stocks the separate survey of households which it set the new 5%-to-5.25% fed- the financial-sector turmoil.
were in a free fall again, just days showed a slight dip in the labor force, funds rate, Fed Chairman Jerome “However, if central banks are
after the rescue of First Republic which flatters the jobless rate. Powell posited that the real rate was successful in navigating the expan-
Bank by JPMorgan Chase (ticker: The bottom line, as neatly summed about 2%, after subtracting what he sion through this turbulence, they
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
JPM) supposedly had staved off a up by Jefferies economist Thomas said was a “reasonable estimate” of 3% are likely to reinforce the underlying
widening crisis. The Federal Reserve Simons, is that demand for labor is for inflation over the next 12 months. shift in the inflation process now un-
had just raised interest rates for the easing but its supply is increasingly That would be in line with the derway and will be under pressure to
tenth time the day before, and the scarce. That means wage growth has Fed’s most recent Summary of Eco- restart the tightening process,” says
markets were pricing in rate reduc- to slow substantially before the Fed’s nomic Projections, compiled for its Kasman.
tions by the central bank as soon
E
as July to counter the anticipated ven after Friday’s solid jobs
economic fallout from the apparent Rates Getting Real, Finally report, interest-rate futures
bank crisis. To curb inflation, the Federal Reserve historically has pushed the federal-funds rate above wage growth markets remain convinced
But a day later, new numbers con- for nonsupervisory workers, except after the 2008-09 financial crisis. It's just about there now. that the Fed will have to
tradicted the negative narrative. The Effective federal-funds rate Year-over-year change in average hourly earnings
begin to take back its rate hikes
data, moreover, underscored that the starting with its Sept. 19-20 meeting,
real economic problem—inflation— 12.5% according to the CME FedWatch tool.
remains. If anything, the Fed has By year end, fed futures still had
more room to raise interest rates than three one-quarter-point cuts priced
to cut them, presuming it follows the 10.0 in by Friday’s settlement.
numbers. The March Fed SEP projects a
April’s employment report showed 7.5 5.1% year-end funds rate, roughly the
a 253,000 increase in nonfarm pay- midpoint of the present target range.
rolls, roughly a third more than the Powell underscored that at his news
5.0
consensus of economists’ forecasts. conference following the May 2-3
The unemployment rate dipped by Federal Open Market Committee
one-tenth of a percentage point, to 2.5 meeting, saying that if the Fed’s fore-
3.4%, the lowest since May 1969, cast is “broadly right, it would not
rather than ticking up by that much, 0
be appropriate to cut rates, and we
as economists had guessed. And won’t cut rates.”
with the lower jobless rates, average 1983 ’85 ’90 ’95 2000 ’05 ’10 ’15 ’20 After all, rates are only now
hourly earnings were up more than Sources: Bureau of Labor Statistics; Federal Reserve; St. Louis Federal Reserve Bank getting real. B
26 BARRON’S May 8, 2023 May 8, 2023 BARRON’S 27
Coal, Copper,
investment in maintaining existing oil basis, the earnings multiple would Capstone Copper [CSCCF]. Why?
production globally is going to result shrink to a mid-single digit multiple. We have gone through a period where
in shortfalls of oil production. And the all kinds of natural-resource produc-
roughly 25%-plus of global oil produc- The fund has owned Warrior Met tion has been viewed as antiquated.
tion that takes place offshore is essen- Coal [HCC] since 2017. Why did you It isn’t reviled to the extent that coal
tial. There is an accelerating mismatch buy the stock—and hold on? is, but mining in general has been
And Other
between the demand for supply ves- This is another position we bought post- frowned on from a capital-markets
sels and the supply. The fleets today bankruptcy. Warrior’s two mines were and an environmental perspective.
are far smaller than a decade ago, so part of the former Walter Energy. The There is no metal or natural re-
if demand continues to increase, that company had a terrible balance sheet source more critical to renewable
could be a powerful recipe for upside. and was controlled by private equity energy than copper. It is critical to the
Contarian Picks
and its creditors. After the bankruptcy basic functioning of modern society
What is another stock you like? process, it came out with a net-cash but also incredibly scarce. We’ve done
Bank of Ireland [BKRIY] is one of balance sheet and the two crown-jewel a terrible job of finding more copper
my highest-conviction investments. assets of Walter—two metallurgical coal resources. Part of the reason is be-
When we bought the stock in 2019, we mines in Alabama. The company is cause capital markets have frowned
took the view that the unprecedented developing a third mine, Blue Creek. on mining, and capital has been ex-
interest-rate environment—in Europe, The company has about $200 mil- pensive and hard to come by. Copper
BY LAUREN FOSTER investment culture of this firm, and that meant negative interest rates from lion worth of excess coal inventories demand is increasing, and there will
M
that meant, ironically, turning back a policy perspective—created about the on its balance sheet. It also has $500 be a shortage because it is hard to find
atthew Fine was just out the clock on Third Avenue to its earli- worst banking environment from a rate million of net cash, so that’s $700 more at a reasonable cost.
of college when he got est and most successful days,” says perspective that has ever existed. It put million. And the Blue Creek project Renewable energy will also drive
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
the best advice of his Fine. “We were eager to take it back pressure on the interest income and has a net present value—at long-term demand, whether it is electric vehi-
life: If you want to be to this traditional, fundamental, deep- interest margin earned by banks, and normal coal prices—of about $1 bil- cles, wind energy, or solar. Those tech-
an investor, go work for value, contrarian approach that Marty thus, return on equity. lion. So, you have $1.7 billion of value nologies, and facilitating their connec-
Marty Whitman, the built.” However, price is what matters. Bank on a $1.9 billion market cap. There is tion to the grid, have the potential to
legendary value investor Fine spoke with Barron’s on April of Ireland got down to 40% of book only $200 million left attributed to the be a demand accelerant for copper.
who founded Third Avenue Manage- 24 about Third Avenue’s transforma- value, even though it was earning only two operating mines, which generated Capstone is copper-focused and a
ment in 1986. tion, his investment style, and stocks about a 5% return on equity in 2019, close to a $1 billion of Ebitda [earnings mid-cap company—far cheaper than
And so he did, starting “about one he’s excited about. An edited version which is terrible from a banking per- before interest, taxes, depreciation, the mining majors. Its assets are in
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
step above the mailroom” in 2000 and of the conversation follows. spective. But if you’re paying only 40% and amortization] in 2022. politically safe mining jurisdictions,
climbing the ladder to portfolio man- of book value, you’re getting a double- Coal is reviled because of its carbon and it has one of the best production-
ager of the firm’s flagship strategy, the Barron’s: The Third Avenue Value digit earnings yield. We thought that content. But you can’t make steel with- growth profiles in the industry. By the
$900 million Third Avenue Value fund was in the bottom quartile when the pendulum had swung so far out iron ore and metallurgical coal. end of 2023, we expect the company to
fund (ticker: TAVFX), which he has in 2017-19 and top quartile in from an interest-rate perspective, the Warrior is trading today at less than be producing at a rate that would trans-
overseen since late 2017. 2020-22. What changed? probabilities were in favor of improve- three times trailing earnings per share. late to roughly $1.1 billion of annual
Last year, the fund returned 17.5%, Matthew Fine: When the portfolio- ment. That played out to our benefit. I suppose it could stay incredibly Ebitda at today’s copper prices. With
including reinvested dividends, while management team changed in 2017, In Ireland, the regulatory environ- cheap at a low-single digit multiple an enterprise value of $4.1 billion, that
the S&P 500 index returned a negative statistically speaking, the portfolio be- ment is extremely strict, and the bank- of operating cash flows. But the one would translate to a multiple of about
18.1%. That performance placed Third came much cheaper, much more global ing industry has consolidated in the thing that really attracts us to Warrior four times. However, copper prices are
Avenue Value in the first percentile of in orientation, less U.S.-focused, past 24 months from five banks to is that the company has been distrib- far more likely to rise than fall over the
its category, according to Morningstar, smaller in market capitalization, and three banks, of which Bank of Ireland uting, in large special dividends, all of medium term, and Capstone’s cash
meaning that it delivered better returns more contrarian and opportunistic. securities at a substantial discount to a portfolio based on the benchmark. an incredible bargain. In the bank- is one of the two largest. The increased its excess unencumbered cash flow. flows are leveraged to copper prices.
than 99% of its peers. The fund is in what we believe to be conservative esti- ruptcy, Tidewater had written down scale, improved competitive environ- Another bit of icing on the cake from
the top quartile over three and five How do you choose investments? mates of a company’s net asset value. Which stocks stand out? the carrying value of its assets by ment, and improved interest-rate envi- the bankruptcy process was that Do you have a favorite Marty story?
years, with annualized total returns of We are looking for businesses that have Our biggest holding is Tidewater about 75%, meaning that it was carry- ronment are all working in favor of far Warrior came out with a huge net- Possibly my favorite Marty quote is,
37.5% and 7.9%, respectively. That’s fallen on some sort of difficult, but What does the portfolio look like [TDW], which operates a fleet of plat- ing its fleet at about 25 cents on the better returns. operating-loss carryforward, so it “The next time someone walks into
quite a comeback, considering that resolvable, set of circumstances. The overall? form supply vessels supplying oil and dollar postbankruptcy. We bought it at Today, Bank of Ireland is valued at wouldn’t pay material taxes for a long this room with a perfect investment
Third Avenue struggled when growth circumstances could be macroeco- We tend to hold about 30 positions. gas platforms. An important part of a substantial discount to that restated about 90% of stated book value. It just time. That is still the case. It isn’t pay- will be the first time.” He said it a
took off and value fell out of favor, lead- nomic, or at an industry level where The largest 10 typically constitute our investment process is searching book value. That felt like a bargain in reported 2022 return on equity north ing any cash taxes on all of this cash number of times while presiding over
ing to management turnover and poor the industry is going through a cycle about 50% of the portfolio. By U.S. for companies emerging from the an industry that we were confident of 10%, so it is still valued at a single- flow. Cash will pile up and eventually investment-team meetings. He would
performance. or a depression, or it could be at the mutual fund standards, that’s a highly bankruptcy process, as Tidewater did. was going through a cyclical, not a digit multiple of earnings and double- be distributed to shareholders again. go on to explain that there was some-
Whitman, who died in 2018, company level, where a company has concentrated portfolio. We do that The beauty of that is twofold: One secular, decline. We bought the stock digit earnings yield. However, the con- Since emerging from bankruptcy, thing wrong with every investment,
stepped back from managing the tripped up in some way. We’re trying across market capitalizations, geogra- is that companies coming out of bank- in 2017 in the mid $20s per share, and solidation of the Irish banking market Warrior has distributed almost the and if you don’t know what was
value fund in 2012. In 2017, the firm to find areas where the pessimism has phies, and industries. And we are ruptcy have usually cleaned up their today it is about $45 per share. has only happened recently and Bank equivalent of its market capitalization wrong with an investment, you didn’t
made a series of changes that set it become excessive or irrational, and buy benchmark-agnostic, which means balance sheets. Tidewater exited of Ireland management is credibly fore- today in special dividends. fully understand it.
on the course it’s on today. “We made I don’t know what the composition of bankruptcy with essentially a net- Does Tidewater have more upside? casting that the bank can reach a 15%
a commitment to reinvigorating the Photograph by COLE WILSON the benchmark is, and I don’t structure cash balance sheet. And two, we got I see a lot of upside. The dearth of return on equity by 2025. On that One of your largest investments is Thanks, Matt. B
28 BARRON’S May 8, 2023
MARKET WEEK
May 1 through May 5, 2023
Euro Trader P. 31 Charting the Market P. 34
Striking Price P. 32 Winners & Losers P. 35
Inside Scoop P. 33 Research Reports P. 36
13D Filings P. 33 Statistics P. 37
Power Play P. 33
MARKET PERFORMANCE DASHBOARD
Dow Jones Industrials S&P 500 Nasdaq Composite SPDR S&P Regional Bank ETF
33,674.38
52-wk: +2.36% YTD: +1.59% Wkly: -1.24%
4136.25
52-wk: +0.31% YTD: +7.73% Wkly: -0.80%
12,235.41
52-wk: +0.75% YTD: +16.90% Wkly: +0.07%
$38.35
52-wk: -38.35% YTD: -34.71% Wkly: -10.10%
20%
The Big Get Bigger Take a Hike Bank Angst Rebound
Large bank stocks rose while The Federal Reserve’s policy Regional bank stocks Shares of beleaguered regional
regional bank stocks fell on committee increased the tumbled on Thursday, with banks staged a comeback on
Monday. JPMorgan Chase will fed-funds rate by a quarter shares of PacWest Bancorp, Friday, but still finished the
take over First Republic Bank’s of a percentage point on First Horizon, and Western week nursing major losses. 10
assets and deposits in a deal Wednesday and signaled a Alliance Bancorp taking the The SPDR S&P Regional
brokered over the weekend. potential pause ahead. brunt of the selling. The S&P Banking ETF is down 35% in
500 lost 0.7%. 2023.
0
-10
-20
Monday Tuesday Wednesday Thursday Friday Close
Source: Barron’s Statistics
C
onsidering the way the Fed raised rates by a quarter-point public Bank to JPMorgan Chase
THE TRADER this year has gone,
one would expect
the Federal Re-
BY JACOB
SONENSHINE
ket that rallies when it gets what it
wants. And while the Fed did signal
the end of rate hikes, it didn’t signal
month away. Financial markets are wor- That drove earnings up 25% to 74 cents a
ried, even if the stock market isn’t. The share, better than the expected 59 cents.
cost of protecting against a U.S. default It wasn’t enough. Management only
with credit default swaps has risen tenfold
since the end of 2022, while Thursday’s
auction of one-month Treasury bills saw
reaffirmed its fiscal 2023 same-store-sales
guidance for 8% growth, but didn’t raise its
forecast. That raised concerns about what
See what you are
yields hit a record high of 5.84%. Add it to
the list of things the Fed is not really
thinking about.
management saw that spooked it enough
to leave its outlook unchanged. Starbucks
stock had fallen 8.5% to $104.72 on
missing out on!
Of course, a stronger-than-expected jobs Wednesday afternoon, on pace for its
report did a lot to calm nerves about an biggest drop since March 2020.
imminent recession. But despite a big Fri- There’s a good chance, though, that
day gain, the S&P 500 was unable to get guidance is conservative. Many analysts
back to 4200, a key level that has acted as
a ceiling on the index. And the longer the
expect comparable sales to grow just over
management’s forecast, with total revenue
4.58%*
index remains unable to break through, for the calendar year growing almost 12%
the more likely it is that the next move will to $37.17 billion, according to FactSet. Over-
be lower. Evercore strategist Julian Eman- all, “2023 guidance reiteration is likely pru-
uel puts the next support level at roughly dent, we think implied second-half tar-
3800, down 8.1% from Friday’s close of gets...could prove conservative,” writes
4136.25, and then a drop to its bear-market UBS analyst Dennis Geiger.
low of just under 3600. If that’s true, the bottom line should
“There are going to be much better risk/ grow briskly this year. Sales growth will
reward opportunities to add to stocks than aid margin expansion, especially as wage
there are now,” Emanuel says. growth and recent increases in employee-
As the cliché goes: Patience, sometimes, related investments subside throughout the
is a virtue. year, which the company said it expects to
happen. If all goes well, earnings for the
The Case for Starbucks Stock calendar year should grow about 17% to
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Haters of Starbucks coffee are everywhere. $3.59 per share, according to FactSet. That’s
Haters of its stock, though less common, a big reason why some analysts are recom-
were out in force Wednesday, despite an mending investors use the drop to pick up
earnings report that showed everything shares on the cheap.
going the company’s way. It’s a chance to “We view any pullback in the stock as a
buy the stock on the dip. buying opportunity of a best-in-class, high-
There was a lot to like in Starbucks’ quality growth company,” writes Credit
(SBUX) earnings report. Sales grew about Suisse analyst Lauren Silberman, who has a
0.45%
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
14% year over year to $8.72 billion, better $128 price target, about a 23% upside.
than forecasts for $8.41 billion. Driving the
result: The company gained millions of new
Even Starbucks’ valuation, though not
cheap, looks reasonable. The stock trades at
0.35%
Starbucks Rewards members, and both
store traffic and total spend per store visit
about 27 times forward earnings, less than
two times the company’s expected earnings-
0.01%
increased. Even the beginnings of the re- per-share growth rate. That looks reason-
covery in China, still not fully reopened, able, given that the S&P 500’s price/earnings
drove a moderate sales gain in the region. ratio of about 18 times is just under two
IBKR SCHW AMTD ETRAD
Profit margins beat estimates as increases times its expected EPS growth rate.
in the cost of food and wages moderated. We happen to agree. We recommended The best-informed investors choose Interactive Brokers
Vital Signs
Friday’s Week’s Week’s Friday’s Week’s Week’s
Close Change % Chg. Close Change % Chg.
DJ Industrials 33674.38 -423.78 -1.24 Barron’s Future Focus 868.90 -3.03 -0.35
DJ Transportation 14123.13 +101.26 +0.72 Barron’s Next 50 2354.76 +15.55 +0.66
DJ Utilities 962.27 +2.66 +0.28 Barron’s 400 903.58 -13.86 -1.51
DJ 65 Stocks 11212.97 -57.50 -0.51 Last Week Week Earlier
DJ US Market 1006.80 -7.90 -0.78 NYSE Advances 1,110 1,591
NYSE Comp. 15380.87 -165.00 -1.06 Declines 2,042 1,568
NYSE Amer Comp. 4023.65 -175.85 -4.19 Unchanged 54 67 ibkr.com/dont-miss-out
S&P 500 4136.25 -33.23 -0.80 New Highs 187 158
S&P MidCap 2461.10 -29.30 -1.18 New Lows 358 178
S&P SmallCap 1138.97 -9.20 -0.80 Av Daily Vol (mil) 4,232.1 3,789.0
Nasdaq 12235.41 +8.83 +0.07 Dollar (Finex spot index) 101.28 101.66 Member NYSE, FINRA, SIPC. Supporting documentation for any claims and statistical information will be provided upon request.
Value Line (arith.) 8816.42 -106.34 -1.19 T-Bond (CBT nearby futures) 130-31 131-21
Graphic reflects rates paid on uninvested instantly available cash in your brokerage account. Competitor rates and offers subject to
change without notice. Services vary by firm. [*] Rate shown applies to IBKR Pro clients only. Long-settled cash balances held in the
Russell 2000 1759.88 -9.11 -0.51 Crude Oil (NYM light sweet crude) 71.34 76.78
securities segment of accounts with NAV>100k earn the stated interest rate 5/5/2023 and those with NAV<100k earn a proportional
DJ US TSM Float 41193.76 -317.90 -0.77 Inflation KR-CRB (Futures Price Index) 261.60 268.16
rate. Cash held in the commodities segment of an account does not earn interest. For more information, see ibkr.com/interestpaid
Gold (CMX nearby futures) 2017.40 1990.10 05-IB23-1623-HP
30 BARRON’S May 8, 2023
Industry Action
Performance of the Dow Jones U.S. Industrials, ranked by weekly percent change.*
Technology 0.26%
Health Care 0.17
0.00 Utilities
–0.01 Consumer Goods
–0.68 Industrials
–0.82 Consumer Services
–1.65 Basic Materials
–2.34 Telecommunications
ENERGY SECTOR OF
–2.48 Financials
–5.63 Oil & Gas
THE S&P 500 IN ONE ETF the stock in June 2022, and it has now
Source: S&P Dow Jones Indices
The S&P 500 is an index of 500 common stocks that is generally considered representative of the U.S. stock market. You cannot invest directly in an index. earnings per share are expected to grow
ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. The market hopes the Federal Reserve’s faster than their sector’s. The stocks that
long-awaited pause will be the one that made the list include Bristol Myers
refreshes. It may, instead, be the one that Squibb (BMY), Johnson & Johnson
depresses—and healthcare and consumer (JNJ), Keurig Dr Pepper (KDP), and
staples stocks should benefit. J.M. Smucker (SJM).
The S&P 500 has already gained about Two stand out. UnitedHealth Group
7% this year, and the overarching driver has (UNH) is down just over 6% this year, even
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
been expectations that the Fed is nearing though analysts expect it to grow EPS at
the end of its interest-rate hikes. Few will just over 12% this year to $24.98. That’s in
argue that the end is near. The rate of infla- contrast to the 3% gain for the median
tion has been falling, economic growth has healthcare stock, and a slight drop in ex-
Keepers.
few bumps in the near term, the economy Health’s sales increasing just over 12% to
should stabilize and go on its merry way— about $364 billion this year, as the com-
SAMPLE Age 90 13.0% and the stock market will rise with it. pany signs up millions of new Medicare
ANNUITY RATES Age 85 11.5% Perhaps. But there’s another way to read Advantage members and expands its
FOR INDIVIDUALS* the rally—that it has been spurred by inves- Optum segment, which provides health-
Age 80 10.0% Barron’s Advisor Finder matches Barron’s
ambitious readers with your financial expertise. tors front-running the end of the Fed’s care and medicine to its customers, among
RATES VALID THROUGH
MAY 31, 2023 Age 75 8.6% Get found, meet prospective clients, and let tightening who will be motivated to sell other services.
*Pomona Plan annuity rates Age 70 7.8% Barron’s Advisor help grow your business. stocks once the pause becomes a reality. Conagra Brands (CAG), which sells
are not available in all states. “Fed Chair Powell on Wednesday will sig- food under the Bird’s Eye, Hunt’s, and
nal the Pause ‘news’ whose ‘rumor’ mar- Swiss Miss brands, among others, also
Secure Retirement Income for Life
Generous Tax Savings | AAA Bond Ratings kets began to anticipate aggressively at the made the list. The stock has fallen 0.7% this
Endowment over $2.5 Billion March S&P 500 trough,” writes Evercore year, lagging behind the Consumer Staples
ISI strategist Julian Emanuel. “We expect ETF’s 0.2% decline, though analysts expect
Call us to start a conversation a ‘sell the news’ reaction as soon as that Conagra’s earnings to grow 8.5% this year
(800) 761-9899 rumor turns out to be true.” to $2.81, more than double the sector’s
If that’s the case, defensive sectors like growth rate, as it raises prices to boost sales
550 N. College Ave.
Claremont, CA 91711 Join Now healthcare and staples could perform the
best. They’ve been largely left out of this
growth. Gross margin is also expected to
expand to around 27% from 26% last year,
pomonaplan.pomona.edu Barrons.com/AdvisorFinderApply
year’s rally, which has been led by Meta as input costs decline.
FIND A RATE CALCULATOR ON OUR WEBSITE! Platforms (META) and the rest of Big Growing earnings and a lower price?
© 2023 Dow Jones & Company, Inc. All rights reserved. 1E295 Tech. The Health Care Select Sector What’s not to like? B
May 8, 2023 BARRON’S 31
INTERNATIONAL TRADER
Finally, the Sun Is Shining
On the European Banks
BY CRAIG MELLOW billion in assets from the requirement in
2019. The three banks that went under
I
t has been a long time since investors took paper losses on bonds they bought at
were bullish on European bank stocks. lower interest rates, until their sudden
The iShares MSCI Europe Finan- revelation spurred panic.
cials exchange-traded fund (ticker: One of Scholtz’s top picks is Dutch
EUFN) has lost 10% over the past 10 years, champion ING Groep (ING), because
while shares of U.S. peers doubled. Euro- “70% of its earnings are geared to interest
pean banks trade at an average of 0.8 times rates.” He also likes Spanish-based Banco
tangible book value, says Elias Chrysosto- Bilbao Vizcaya Argentaria (BBVA),
mou, an analyst covering the sector for though mostly for its dominant franchise
T. Rowe Price. The U.S. ratio is 1.2. in Mexico. His U.K. favorite is Lloyds
Tables may be turning. As the U.S. Banking Group (LYG.UK) and in Scandi-
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wraps up its third big bank rescue in navia, Sweden’s Svenska Handelsbanken
seven weeks with JPMorgan Chase’s (SHBA.Sweden), for their standout opera-
(JPM) absorption of First Republic Bank, tional efficiency.
the European Union and the United King- Not everyone is so keen. Rising interest
dom have remained relatively undis- rates may give to the banks in the form of
turbed. The continent’s one financial im- wider lending margins. But they can also
plosion, Swiss-based Credit Suisse, had take away by slowing the economy and
been building for years and could safely spreading distress among borrowers. Cur-
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
T H E ST RIKING PRIC E
Any debt-ceiling-related stock decline will almost
certainly be temporary. Stocks may even benefit
from a default as investors regain their senses.
240
30
BY STEVEN M. SEARS waves of fear that should hit the market if 185
Congress seems unable to agree on permit-
T
he volatility opera has begun. ting the government to borrow more money. 23
Rather than panicking that Consider using the ProShares S&P 130
the U.S. government may run 500 Dividend Aristocrats exchange-
out of money in early June, do traded fund (ticker: NOBL) as a blue-chip 16 75
something more than watch TV and com- proxy. With the ETF around $92, the July J J A S O N D J F M A M J J A S O N D J F M A M
plain about America’s poisoned politics. $85 put is around 65 cents. Selling the put Daily Values Source: CBOE Source: McMillan Analysis Corp.
Long-term investors could monetize positions investors to buy the ETF at an
these increasingly widespread fears that effective price of $84.35. The ETF has
America might default on its debts for the ranged from $79.09 to $95.70 during the SPX Skew NDX Skew
first time ever by using options to en- past 52 weeks. Implied volatility % Implied volatility %
hance positions in blue-chip stocks. Only use this approach if you can afford 13% 12%
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
The cash-secured put strategy, as it is to warehouse the ETFs, and collect the
12 11
called, enables investors to position to ulti- dividends, for at least three to five years.
mately buy stocks at lower prices while Why the long holding period? All crises 11 10
collecting premiums. It entails depositing ultimately end—even recessions. 10 9
money into a brokerage account, which is The tension in the market is provoca-
then used to securitize the sale of put op- tive. If a major stock seller emerges, the 9 8
tions, which give holders the right to sell Street will likely freak out that someone 8 7
an underlying asset at a set price within a has good information on the Washington
7 6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
their stocks. Puts increase in value when even benefit from a default as investors Skew indicates whether the options market expects a stock-market advance or decline. It measures the difference between the implied
volatility of puts and calls that are 10% out of the money and expire in three months. Higher readings are bearish.
stock prices decline, which makes them regain their senses and realize U.S. stocks
popular in panics. The fear of a debt default are among the world’s best stores of value.
should make many investors eager to buy This thesis isn’t as outlandish as it Week’s Most Active
protection insensitive to put prices. seems. America’s political scene is argu- Company Symbol Tot Vol Calls Puts Avg Tot Vol IV %ile Ratio
If Congress fails to raise the debt ceiling ably the most acrimonious since the Civil Homestreet HMST 4456 29 4427 124 93 35.9
Nano-X Imaging NNOX 86611 69613 16998 2488 88 34.8
and prompts a debt default, stock prices War era. In comparison, corporate Amer- Icahn Enterprises IEP 228117 99834 128283 8248 100 27.7
will almost certainly collapse. The U.S. gov- ica offers a generally sane counterbalance. Chegg CHGG 180737 91519 89218 7104 83 25.4
ernment is the nation’s largest employer, Consider the gravitas of, say, Warren Ruth’s Hospitality RUTH 10108 5276 4832 516 4 19.6
Prospect Capital PSEC 45685 2642 43043 2536 97 18.0
and a failure to pay employees could spark Buffett or Jamie Dimon, as opposed to many Triplepoint Venture Growth TPVG 7146 832 6314 448 99 16.0
a recession. Democratic and Republican leaders. Who is Host Hotels & Resorts HST 17593 2432 15161 1480 53 11.9
Because there are so many moving parts trusted more to make sound decisions? Zynex ZYXI 9615 991 8624 808 92 11.9
MPLX MPLX 120860 115743 5117 11840 15 10.2
to the debt-ceiling crisis, picking a jumping- Of course, equities are arguably riskier
Victoria’s Secret VSCO 45541 4500 41041 4452 61 10.2
in point is tricky. Investors should use the than U.S. Treasury bonds, which are the Estee Lauder EL 86636 36947 49689 9668 48 9.0
Cboe Volatility Index, or VIX, to time their world’s reserve currency, but equity risk PacWest Bancorp PACW 934855 264793 670062 121356 100 7.7
moves. The so-called fear gauge was re- can be hedged away with options. That VICI Properties VICI 18045 16539 1506 2512 10 7.2
TripAdvisor TRIP 56394 10289 46105 7928 15 7.1
cently around 18. During the past 52 weeks, could create a feedback loop that makes CEMEX CX 19618 19136 482 2792 6 7.0
the VIX has ranged from 15.53 to 35.48. puts even more expensive. B Upwork UPWK 20767 12260 8507 3028 37 6.9
Be prepared to sell puts that expire in First Horizon National FHN 266887 100783 166104 43888 100 6.1
Immunogen IMGN 114533 62472 52061 22112 60 5.2
less than three months at different strike Steven M. Sears is the president and chief oper-
Uber Technologies UBER 1661925 1060237 601688 332424 6 5
prices should VIX spike to various levels, ating officer of Options Solutions, a specialized
such as 25, 30, 35, and so forth. The goal is asset-management firm. Neither he nor the firm This table of the most active options this week, as compared to average weekly activity – not just raw volume. The idea is that the unusually heavy trading in these options might be a predictor of
corporate activity – takeovers, earnings surprises, earnings pre-announcements, biotech FDA hearings or drug trial result announcements, and so forth. Dividend arbitrage has been eliminated. In
to incrementally buy blue-chip stocks at has a position in the options or underlying securi- short, this list attempts to identify where heavy speculation is taking place. These options are likely to be expensive in comparison to their usual pricing levels. Furthermore, many of these
situations may be rumor-driven. Most rumors do not prove to be true, so one should be aware of these increased risks if trading in these names
lower prices, while taking advantage of the ties mentioned in this column. Ratio is the Tot Vol divided by Avg Tot Vol. IV %ile is how expensive the options are on a scale from 0 to 100. Source: McMillan Analysis
May 8, 2023 BARRON’S 33
I N S I DE SC OOP
board without a shareholder vote POWER PLAY
“subsequent to April 20, 2023…and
Deutsche’s
up to and including the date of the
2023 annual meeting.” In March,
Politan, along with the California
State Teachers’ Retirement System,
or Calstrs, filed a complaint against
Bet on an
Cleveland-Cliffs CEO Buys
Masimo in the Delaware Court of
Chancery alleging, among other
things, that Masimo’s employment
contract with CEO Joe Kiani “im-
properly stripped” the board of its
M&A Revival
The Slumping Stock authority, “entrenched” the CEO,
and “impeded stockholders’ exer-
cise of their voting rights.”
BY ROBERT TEITELMAN
A
fter years of losses and
regulatory woes,
BY ED LIN quarter with a 14% gain, but so far in
Increases in Deutsche Bank has cut
S
the second quarter they are down costs, cleaned up, and gone
hares of Cleveland-Cliffs,
the largest flat-rolled steel
producer in North America,
20%. Strong first-quarter earnings,
reported at the end of April, helped to
halt the slide, but shares have essen- Cleveland-Cliffs
Holdings on an M&A hiring spree.
Deutsche (ticker: DB) is return-
ing to an old playbook, most dra-
have slid in recent weeks, tially been treading water since. stock has been Tilly’s (TLYS) matically embodied by its 1990
and Chairman, President, Goncalves paid $1.5 million on slipping since Fund 1 Investments raised its acquisition of the London outpost
and CEO Lourenco Gon- April 27 for 100,000 shares, an aver- early March. CEO position in the apparel retailer to of the old House of Morgan, Mor-
calves bought a large block age price of $14.96 each. He now owns Lourenco Gon- 5,554,466 shares. From April 13 gan Grenfell, which had gotten
of shares. 2.5 million shares in a personal ac- calves bought $1.5 through April 28, Fund 1 purchased mired in the 1980s Guinness share-
Cleveland-Cliffs stock (ticker: count and another three million million of shares of 390,114 Tilly’s shares at prices rang- trading scandal. Now, the bank is
CLF) had started the year strong. In shares in a trust, according to a form the steel firm on ing from $7.10 to $7.76 each. Follow- reloading—26 new managing direc-
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
February, the company reported a he filed with the Securities and Ex- the open market. ing the fresh buys, Fund 1 now owns tors and counting—many from
fourth-quarter loss that was less than change Commission. 24.6% of the retailer’s outstanding Credit Suisse, after its own scan-
analysts’ estimates, although sales Cleveland-Cliffs didn’t respond to stock, up from 22.9%. Fund 1 re- dals and absorption by UBS (UBS).
came in light. On March 3, Goncalves a request to make Goncalves avail- mains the largest holder of Tilly’s, It’s an opportunistic, if contrarian,
hailed a preliminary vote by the In- able for comment on his stock pur- and is the managing member of New play. Over the past decade, top
ternational Trade Commission, view- chase. York–based investment manage- banks, from Morgan Stanley (MS)
ing it as progress “to remedy surging Goncalves, who has been heading ment firm Pleasant Lake Part- to UBS, scaled back deal making
imports of dumped and subsidized the company since August 2014, last ners. Tilly’s stock has tumbled 16% and built up wealth management as
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
tin mill products in the U.S. market.” bought Cleveland-Cliffs stock on the so far in 2023. The company beat a stable source of profits. This past
Soon after that preliminary vote, open market in December 2021, when estimates when it reported fiscal week, Morgan Stanley announced
however, Cleveland-Cliffs stock began he paid $988,250 for 50,000 shares, fourth-quarter number in early 3,000 job cuts—not including
to slip. Shares still ended the first an average price of $19.77 each. B March. Tilly’s reports its first quar- wealth advisors.
ter on June 1. Deutsche’s main focus is London,
where it’s buying U.K. corporate
Twin Disc (TWIN) broker Numis (NUM.UK) for over
Gamco Investors (GBL) raised $500 million, in an effort to regain
asset valuations and dividend practices at investor a penny a share profit on a 25% jump in March- March-quarter loss of $1.13 a share, but neared cash quarter, for a loss of eight cents a share. Ignoring
Carl Icahn’s firm. Icahn pointed to his performance. quarter revenue. It will cut 20% of its staff. flow break-even. It sees positive cash flow for June. noncash costs, profit was 38 cents.
27 22 27 17
The charts record the net change in share price, the high, low and closing trades, and share volume for companies with noteworthy stock activity last week. In addition, the graphs depict last week’s daily price activity in detail. The dotted line on some graphs denotes the stock’s 200-day moving average; lack of a moving average means the shares have traded for less than
that time period. If the close from the current week is lower than a year ago the graph will be presented in red. If the close from the current week is higher than a year ago then the graph will be presented in green.
May 8, 2023 BARRON’S 35
W I N N E R S & LO S E R S
Saturday Inbox: Sign up for the
Market Lab Newsletter every Saturday
at Barrons.com/newsletters
NYSE Biggest % Movers NYSE Most Active NYSE American Most Active Nasdaq Most Active
Winners Volume Percentage Leaders Volume Percentage Leaders Volume Percentage Leaders
Name (Sym) Volume Close Change %Chg. Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change
XinyuanRealEst(XIN) 6992 5.11 +1.68 +49.2 Perfect(PERF) 646 1659.1 4.45 –0.55 RileyExpln(REPX) 542 112.1 41.69 –0.32 NanoXImaging(NNOX) 60755 2269.5 15.23 +9.12
MoneyLion(ML) 321 13.14 +3.84 +41.3 HH&L Acqn(HHLA) 1508 750.9 10.40 +0.02 BiteAcqn(BITE) 53 99.0 10.39 +0.08 IcahnEnterprises(IEP) 57431 2168.8 38.13 –12.66
Lemonade(LMND) 16991 14.64 +3.80 +35.1 Enviva(EVA) 28038 646.5 9.01 –12.49 BarHarborBkshs(BHB) 267 97.1 23.12 –1.68 HennessyCapVI(HCVI) 2019 2070.6 10.15 +0.02
Harsco(HSC) 5614 9.15 +2.28 +33.2 IntegratedRailA(IRRX) 349 640.6 10.59 +0.01 EmpirePetrol(EP) 185 92.4 9.16 –1.69 RuthsHospitality(RUTH) 28310 1302.7 21.38 +5.22
Carvana(CVNA) 125037 8.96 +2.02 +29.1 Chegg(CHGG) 111827 636.3 10.14 –7.84 ImperialOil(IMO) 3667 70.8 46.63 –4.30 AriszAcqnA(ARIZ) 1124 1038.3 10.47 +0.05
GreenBrickPtrs(GRBK) 3039 48.08 +10.81 +29.0 Arconic(ARNC) 45667 628.0 29.05 +4.30 ParkNational(PRK) 412 65.4 105.71 –2.61 PonoCapitalThree(PTHR) 1887 931.4 10.28 0.00
Shopify(SHOP) 168285 62.03 +13.58 +28.0 BeardEnerA(BRD) 1180 547.4 10.41 +0.02 AditEdTechA(ADEX) 44 61.2 10.44 +0.12 Immunogen(IMGN) 174656 907.4 13.17 +7.78
Unisys(UIS) 6660 3.96 +0.75 +23.4 AfterNextA(AFTR) 934 513.4 10.27 –0.01 GranTierraEner(GTE) 2295 60.6 6.23 –1.78 FinnovateAcqnA(FNVT) 1932 839.2 10.47 –0.01
FirstHorizon(FHN) 193433 390.2 10.94 –6.61 BlueRidgeBkshs(BRBS) 219 54.1 7.53 –2.14 OptionCare(OPCH) 47229 675.9 27.98 –4.17
Losers PyrophyteAcqn(PHYT) 2122 381.0 10.55 –0.03 CompX Intl(CIX) 54 49.8 18.90 +0.80 TGVentureAcqn(TGVC) 553 649.1 10.42 +0.02
Name (Sym) Volume Close Change %Chg.
IntegratedWellA(WEL) 612 334.3 10.62 +0.04 IdahoStratRscs(IDR) 105 40.9 5.98 –0.28 GreenVisorI A(GVCI) 1257 636.5 10.61 0.00
Enviva(EVA) 28038 9.01 –12.49 –58.1 EG Acqn A(EGGF) 1342 304.9 10.22 +0.01 EvansBancorp(EVBN) 82 36.2 25.81 –5.04 PowerUpAcqn(PWUP) 4515 599.8 10.53 +0.02
Chegg(CHGG) 111827 10.14 –7.84 –43.6 WestAllianceBcp(WAL) 147792 300.2 27.16 –9.96 MastechDigital(MHH) 289 23.6 9.19 +0.36 PriviaHealth(PRVA) 23437 592.6 29.09 +1.46
CommunityHlthSys(CYH) 18722 3.66 –2.68 –42.3 ST Ener I A(STET) 4001 293.2 10.44 +0.00 Cryo-Cell(CCEL) 59 23.1 4.87 –1.38 Zynex(ZYXI) 8190 575.8 9.37 –2.07
FirstHorizon(FHN) 193433 10.94 –6.61 –37.7 MediaAlpha(MAX) 4229 287.4 5.99 –1.41 LoopMedia(LPTV) 228 15.9 4.55 –0.64 IVERICbio(ISEE) 81795 544.6 38.02 +5.13
NerdyA(NRDY) 6756 2.85 –1.12 –28.2 RigelResourceA(RRAC) 2112 279.0 10.52 +0.03 CheniereEnergy(LNG) 9457 11.0 148.19 –4.81 HudsonAcqnI(HUDA) 302 498.5 10.26 +0.02
MetropolitanBk(MCB) 8022 23.08 –9.01 –28.1 EsteeLauder(EL) 25966 270.7 203.54 –43.18 RadiantLogistics(RLGT) 866 10.6 6.39 –0.21 RothCHAcqnV(ROCL) 1513 488.2 10.39 +0.03
Ranpak(PACK) 4654 2.94 –1.14 –27.9 MetropolitanBk(MCB) 8022 257.0 23.08 –9.01 CoreMoldingTech(CMT) 333 5.2 19.30 +0.55 PacWestBancorp(PACW) 403080 470.0 5.76 –4.39
WestAllianceBcp(WAL) 147792 27.16 –9.96 –26.8 Braskem(BAK) 12407 256.5 9.17 +1.31 TompkinsFin(TMP) 265 2.5 55.02 –3.60 AxonEnterprise(AXON) 21784 460.1 219.91 +9.20
Alteryx(AYX) 21986 225.9 35.97 –5.16 BK Tech(BKTI) 26 0.4 13.60 –0.02 HomeStreet(HMST) 5695 453.4 6.34 –3.42
NYSE American Biggest % Movers By Share Volume By Share Volume By Share Volume
Winners Name (Sym) Volume Close Change %Chg. Name (Sym) Volume Close Change %Chg. Name (Sym) Volume Close Change %Chg.
Name (Sym) Volume Close Change %Chg. FordMotor(F) 388875 11.99 +0.11 +0.9 DunxinFinl(DXF) 70896 0.26 –0.11 –29.2 Tesla(TSLA) 559371 170.06 +5.75 +3.5
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RegionalHealth(RHE) 566 4.12 +0.97 +30.8 Uber(UBER) 290925 37.75 +6.70 +21.6 B2Gold(BTG) 50508 4.12 +0.18 +4.6 AdvMicroDevices(AMD) 440502 89.84 +0.47 +0.5
ProtalixBio(PLX) 18948 3.27 +0.49 +17.6 BankofAmerica(BAC) 288026 27.71 –1.57 –5.4 Tellurian(TELL) 40003 1.31 –0.11 –7.7 SoFiTech(SOFI) 405571 5.16 –1.07 –17.2
DakotaGold(DC) 1110 3.81 +0.52 +15.8 NIO(NIO) 218418 8.15 +0.28 +3.6 NewGold(NGD) 27746 1.39 +0.11 +8.6 PacWestBancorp(PACW) 403080 5.76 –4.39 –43.3
MaiaBiotech(MAIA) 394 2.84 +0.38 +15.4 Carnival(CCL) 210241 10.01 +0.80 +8.7 Globalstar(GSAT) 27158 1.00 +0.09 +10.2 Apple(AAPL) 360348 173.57 +3.89 +2.3
Cel-Sci(CVM) 940 2.43 +0.32 +15.2 FirstHorizon(FHN) 193433 10.94 –6.61 –37.7 GeniusGroup(GNS) 27156 1.12 +0.28 +33.3 Amazon.com(AMZN) 315199 105.65 +0.20 +0.2
EquinoxGold(EQX) 13052 5.68 +0.70 +14.1 KeyCorp(KEY) 192420 9.83 –1.43 –12.7 UraniumEner(UEC) 23938 2.68 +0.07 +2.7 NVIDIA(NVDA) 203216 286.80 +9.31 +3.4
EllomayCapital(ELLO) 2 15.45 +1.65 +12.0 Snap(SNAP) 183243 8.23 –0.48 –5.5 MultiWays(MWG) 20829 0.93 –1.08 –53.9 Intel(INTC) 196923 30.99 –0.07 –0.2
NewFoundGold(NFGC) 1366 5.05 +0.48 +10.5 WellsFargo(WFC) 168289 37.94 –1.81 –4.6 ProtalixBio(PLX) 18948 3.27 +0.49 +17.6 Lyft(LYFT) 189682 8.63 –1.62 –15.8
Shopify(SHOP) 168285 62.03 +13.58 +28.0 AultAlliance(AULT) 18790 0.09 +0.00 +0.8 Immunogen(IMGN) 174656 13.17 +7.78 +144.3
Losers AT&T(T) 158231 17.13 –0.54 –3.1 Zomedica(ZOM) 15603 0.21 +0.01 +4.3 ParamountB(PARA) 157548 16.86 –6.47 –27.7
Name (Sym) Volume Close Change %Chg.
PalantirTech(PLTR) 156978 7.41 –0.34 –4.4 EquinoxGold(EQX) 13052 5.68 +0.70 +14.1 MetaPlatforms(META) 132778 232.78 –7.54 –3.1
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
MultiWays(MWG) 20829 0.93 –1.08 –53.9 US Bancorp(USB) 148158 30.74 –3.54 –10.3 UniqueFabricating(UFAB) 12798 0.17 +0.01 +3.9 HuntingtonBcshs(HBAN) 132418 9.85 –1.35 –12.1
cbdMD(YCBD) 1176 2.00 –1.28 –39.0 WestAllianceBcp(WAL) 147792 27.16 –9.96 –26.8 Senseonics(SENS) 12518 0.61 +0.02 +3.2 Nikola(NKLA) 131339 0.98 +0.09 +10.5
GranTierraEner(GTE) 2295 6.23 –1.78 –22.3 CreditSuisse(CS) 147261 0.87 –0.03 –2.8 DenisonMines(DNN) 11599 1.06 –0.04 –3.6 Alphabet A(GOOGL) 129498 105.57 –1.77 –1.6
BlueRidgeBkshs(BRBS) 219 7.53 –2.14 –22.1 Pfizer(PFE) 133360 38.49 –0.40 –1.0 RingEnergy(REI) 11194 1.91 +0.10 +5.5 WarnerBrosA(WBD) 120617 12.89 –0.72 –5.3
Cryo-Cell(CCEL) 59 4.87 –1.38 –22.1 SouthwesternEner(SWN) 129646 4.74 –0.45 –8.7 AlmadenMinerals(AAU) 9760 0.13 +0.01 +8.3 Microsoft(MSFT) 120356 310.65 +3.39 +1.1
AmbiparEmergency(AMBI) 130 5.90 –1.31 –18.2 Carvana(CVNA) 125037 8.96 +2.02 +29.1 CheniereEnergy(LNG) 9457 148.19 –4.81 –3.1 AmerAirlines(AAL) 116002 13.87 +0.23 +1.7
EvansBancorp(EVBN) 82 25.81 –5.04 –16.3 ItauUnibanco(ITUB) 120753 5.22 +0.07 +1.4 WestwaterRscs(WWR) 8972 0.99 +0.18 +22.2 OpendoorTech(OPEN) 102186 1.79 +0.41 +29.7
EmpirePetrol(EP) 185 9.16 –1.69 –15.6 NorwegCruise(NCLH) 117504 14.13 +0.78 +5.8 NorthernDynasty(NAK) 8557 0.22 +0.01 +4.6 Alphabet C(GOOG) 98799 106.21 –2.01 –1.9
Includes Common shares only. All figures reflect activity for the most-recent five-day trading week. Share volume figures are expressed in thousands. Volume percentage leaders exclude stocks with average daily volume of fewer than 5,000 shares or priced under $5.
Average volume is based on 65 trading days. Volume figures do not reflect extended trading hours. a-Stock has not been in existence or not been traded for 65 consecutive sessions. S-Stock split or stock dividend amounting to 10% or more. X-Ex-dividend
36 BARRON’S May 8, 2023
RE SEARCH REPORTS
For a look back at more analyst
research and reports, go online to
Barrons.com/researchreports
or other services to quarter adjusted Ebitda guidance as positive on the financial outlook.
the companies being shrugged off concerns around rising Key, in our view, is a path for fiscal-
analyzed.
insurance costs and competitive dy- year 2023 capital expenditure to come Insider Transactions Ratio
namics in U.S. rideshare, while also in at the low end of the range and a
40
pointing to better-than-expected trends shift in free cash flow allocation from
in Mobility growth. We believe this is the dividend to buybacks that shows
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
the right time for longer-duration in- Diamondback’s ability to improve its 30
vestors to take a closer look at the ratio of free cash flow to barrels of oil Bearish
Chewy to support them returning 75% of FCF Ratio of Insiders Sales to Buys. Readings under 12:1 are Bullish. Those over 20:1 are Bearish. The total top 20 sales and buys are
CHWY-NYSE to shareholders. Price target: $177. 351,798,092 and 28,409,501 respectively; Source: Thomson Reuters
Barron's 50-Stock Average 51 Dow Jones Per Share Values 50 Mutual Funds 47 Week In Stocks 50
DATA
Cash Track 47 Exchange Traded Portfolios 46 N.Y. Stock Exchange 37 Weekly Bond Statistics 52
Charting the Market 34 Federal Reserve Data Bank 52 Nasdaq National Market 41 Winners & Losers Stocks 35
Coming Earnings 51 Foreign Exchange 51 New Corporate Listings 53
Conference Call Calendar 52 Gold & Silver Prices 52 New Highs & Lows 53
Delta Tactical Sentiment 51 Gold Mining Index 52 NYSE Half-Hourly Volume 50
Distributions & Offerings 52 Indexes P/Es & Yields 50 Other Market Indexes 49
Dividend Boosts - Reductions 52 Initial Public Offerings 50 Pulse of the Economy 51
Dividend Ex-Payment Dates 52 Investor Sentiment Readings 50 Stock Splits - Special Dividends 52
DJ Averages 49 Key Foreign Market Indexes 45 Stock Volume 50
DJ U.S. Total Market Industry Groups 51 Market Lab 49 Trading Diary 49
Contact Us
Dow Jones Averages 49 Money Rates, U.S. & Foreign 51 Vital Signs 29 For queries, email us at
Statistics from May 1-5, 2023 memberservices@dowjones.com
NEW YORK STOCK EXCHANGE COMPOSITE LIST - NEW HIGHS - NEW LOWS
–52-Week– Tick Div –52-Week– Tick Div –52-Week– Tick Div –52-Week– Tick Div –52-Week– Tick Div
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
70.63 34.70 Alteryx AYX ... dd 35.97 –5.16 ... 122.50 90.23 Aptargroup ATR 1.2 35 121.70 +3.19 .38 51.71 37.44 Avangrid AGR 4.3 23 41.10 +0.84 .44 79.78 58.81 BlackHills BKH 3.8 17 66.14 +0.85.625
A 13.17 2.63 AlticeUSA ATUS ... 57 2.97 –0.53 ... 124.88 77.96 Aptiv APTV ... 42 93.42 –9.44 ... 31.99 19.32 AvanosMedical AVNS ... 26 23.97 –5.57 ... 72.74 53.15 BlackKnight BKI ... 37 54.06 –0.58 ...
56.86 33.75 AAR AIR ... 21 53.13 +0.35 ... 57.03 40.35 Altria MO 8.1 15 46.69 –0.82 .94 45.72 28.74 Aramark ARMK 1.3 40 34.79 +0.09 .11 33.48 17.91 Avantor AVTR ... 22 20.05 +0.57 ... 10.61 9.88 BlackMountainA BMAC ... cc 10.45 +0.01 ...
36.98 23.97 ABB ABB 2.0 23 35.99 –0.10.7338 14.72 4.08 AltusPower AMPS ... 13 4.38 –0.16 ... 17.52 10.10 ArborRealty ABR 13.4 7 11.75 +0.28 .40 204.37 151.62 AveryDennison AVY 1.9 21 172.08 –2.40 .81 10.50 9.64 BlackSpadeA BSAQ ... 18 10.26 ... ...
17.75 7.24 AmbacFin AMBC ... 1 14.93 –1.02 ... 33.77 19.25 ArcelorMittal MT 1.4 3 27.16 –1.31 .38 52.37 27.65 Avient AVNT 2.6 40 38.49 –0.02.2475 7.20 3.17 BlackBerry BB ... dd 4.69 +0.78 ...
50.47 37.68 ABMIndustries ABM 2.1 15 42.68 +0.10 .22
3.24 2.40 Ambev ABEV 3.8 16 2.89 +0.09.1457 180.10 110.97 ArchResources ARCH .8 2 123.85 +1.602.20 45.29 35.72 Avista AVA 4.1 24 44.52 +0.45 .46 785.65 503.12 BlackRock BLK 3.1 20 644.48 –26.725.00
7.61 4.27 ACCO Brands ACCO 5.9 dd 5.11 +0.53.075
13.61 9.79 Amcor AMCR 4.7 16 10.42 –0.55.1225 5.17 1.62 ArcherAviation ACHR ... dd 2.12 +0.14 ... 32.56 20.66 AxaltaCoating AXTA ... 32 30.35 –1.22 ... 3.73 1.00 BlackSkyTech BKSY ... dd 1.17 –0.07 ...
12.51 7.23 AcresCmclRlty ACR ... dd 8.13 –0.71 ...
97.53 73.28 Ameren AEE 2.8 22 90.47 +1.50 .63 98.28 70.02 ArcherDaniels ADM 2.4 10 75.96 –2.12 .45 51.46 33.15 AxosFinancial AX ... 9 39.87 –0.80 ... 123.18 71.72 Blackstone BX 4.7 35 82.16 –7.17 .82
11.47 1.85 ADC Therap ADCT ... dd 1.96 +0.02 ...
76.54 39.62 Ameresco AMRC ... 29 43.03 +1.43 ... 11.49 6.28 Archrock AROC 6.0 27 9.92 –0.37 .15 13.81 3.82 Azul AZUL ... dd 7.00 +0.49 ... 31.46 16.61 BlackstoneMtg BXMT14.2 12 17.51 –0.73 .62
10.10 4.89 ADT ADT 2.4 cc 5.76 –0.94.035
22.19 16.09 AmericaMovil AMX 1.6 17 21.16 –0.33.4414 31.24 16.33 Arconic ARNC ... dd 29.05 +4.30 ... 16.20 1.62 AzurePowerGlbl AZRE ... ... 2.15 –0.01 ... 4.25 0.53 BlendLabs BLND ... dd .63 +0.04 ...
92.16 60.74 AECOM ACM .8 35 83.70 +0.65 .18
29.89 18.62 AES AES 2.9 dd 22.67 –0.99.1659
34.85 16.04 AmericanAssets AAT 7.0 24 18.91 +0.71 .33 9.04 6.23 ArcosDorados ARCO 2.3 12 8.31 +0.37 .04 48.76 23.65 BlockHR HRB 3.6 11 32.43 –1.48 .29
11.96 6.36 AmericanAxle AXL ... 14 7.41 +0.26 ... 71.00 43.52 Arcosa ACA .3 12 67.20 –0.34 .05 B 98.68 51.34 Block SQ ... dd 59.25 –1.54 ...
74.02 52.07 Aflac AFL 2.5 10 67.59 –2.26 .42
17.09 9.46 AmerEagle AEO 3.0 22 13.27 –0.12 .10 36.13 15.70 ArcusBiosci RCUS ... dd 19.56 +1.71 ... 31.47 11.47 BloomEnergy BE ... dd 17.00 +0.35 ...
145.53 88.55 AGCO AGCO .9 10 127.02 +3.085.00 2.91 1.00 Bark BARK ... dd 1.02 –0.08 ...
48.37 28.05 AmerEquity AEL .9 3 38.75 +0.21 .36 7.12 3.44 ArdaghMetalPkg AMBP10.8 12 3.72 –0.36 .10 8.22 0.47 BlueApron APRN ... dd .50 –0.06 ...
8.39 3.52 AG Mortgage MITT14.6 dd 5.36 –0.19 .18 26.33 10.91 B&G Foods BGS 4.9 dd 15.49 –0.55 .19
182.15 130.65 AmerExpress AXP 1.6 16 152.65 –8.69 .60 19.41 5.91 ArdmoreShipping ASC 13.4 4 13.41 –1.28 .45 14.04 8.06 BlueOwlCapital OWL 5.0 dd 10.30 –0.96 .14
4.28 0.30 a.k.a.Brands AKA ... dd .32 –0.05 ... 55.13 39.88 BCE BCE 5.9 23 48.13 +0.06.7099
150.98 113.43 AmericanFin AFG 2.2 12 115.84 –6.89 .63 10.39 9.78 AresAcqnA AAC ... 62 10.38 +0.03 ... 34.58 16.24 BluegreenVac BVH 3.0 8 26.39 –2.40 .20
16.89 3.77 AMC Ent AMC ... dd 5.89 +0.39 ... 8.60 2.00 BEST BEST ... dd 2.97 –0.01 ...
38.94 28.79 AmHomes4Rent AMH 2.5 49 35.07 +1.81 .22 15.70 7.52 AresCommRealEst ACRE16.4 56 8.05 –0.56 .02 98.50 57.50 BlueLinx BXC ... 4 72.38 +2.32 ...
129.04 81.15 AMN Healthcare AMN ... 10 90.89 +4.54 ... 16.02 9.35 BGSF BGSF 6.0 14 9.96 +0.33 .15
64.88 45.66 AIG AIG 2.4 7 53.79 +0.75 .36 90.28 53.15 AresMgmt ARES 3.8 99 81.95 –5.64 .77 10.51 9.71 BluescapeOppsAcqn BOAC ... 25 10.03 +0.01 ...
2555.30 6.50 AMTD Digital HKD ... ... 6.60 –1.80 ... 71.52 46.92 BHP Group BHP 8.7 8 60.79 +1.751.80
31.59 13.35 AmRltyInv ARL ... 1 18.79 +0.16 ... 43.50 31.26 Argan AGX 2.4 17 40.82 +0.59 .25 221.33 113.02 Boeing BA ... dd 198.34 –8.44 ...
25.80 1.44 AMTD IDEA AMTD ... 2 1.67 –0.07 ... 179.85 68.30 BILL BILL ... dd 94.04 +17.23 ...
100.51 71.22 AmerStWater AWR 1.7 43 90.88 +2.13.3975 44.18 19.00 ArgoGroup ARGO 4.2 dd 29.40 –0.01 .31 85.17 55.14 BoiseCascade BCC .9 3 70.14 +1.833.00
3.87 2.11 ARC Document ARC 6.8 12 2.96 –0.08 .05 23.80 1.40 BitMining BTCM ... dd 2.94 +0.21 ...
94.40 7.00 AmerStratInvt NYC ... dd 8.63 –1.19 ... 23.58 6.69 ArisWater ARIS 5.3 cc 6.85 –0.42 .09 98.00 50.20 BootBarn BOOT ... 13 73.87 +1.40 ...
7.97 4.45 ASE Tech ASX 4.9 9 7.11 +0.25.4794 80.41 51.45 BJ'sWholesale BJ ... 20 74.95 –1.42 ...
282.47 178.17 AmerTowerREIT AMT 3.1 66 196.75 –7.64 1.56 171.44 89.12 AristaNetworks ANET ... 29 137.98 –22.18 ... 112.55 76.60 BoozAllen BAH 2.0 29 93.08 –2.64 .47
115.96 64.16 ASGN ASGN ... 13 66.38 –5.21 ... 41.38 25.37 BP BP 4.0 4 37.13 –3.15.3966
25.99 17.85 AmerVanguard AVD .6 21 18.78 –0.47 .03 3.69 2.53 ArlingtonAsset AAIC ... 27 2.59 –0.02 ... 3.90 0.69 BoqiiHolding BQ ... dd 2.02 +0.44 ...
21.53 14.46 AT&T T 6.5 dd 17.13 –0.54.2775 26.08 5.62 BP Prudhoe BPT 60.6 2 5.76 –1.19.2974
162.59 122.77 AmerWaterWorks AWK 1.9 33 148.43 +0.18.7075 8.11 2.93 ArloTech ARLO ... dd 6.69 +0.25 ... 51.14 31.14 BorgWarner BWA 1.5 11 44.61 –3.52 .17
43.32 20.52 ATI ATI ... 33 36.84 –1.78 ... 12.31 4.79 BRC BRCC ... dd 5.38 +0.17 ...
5.43 1.95 AmericanWell AMWL ... dd 2.07 –0.12 ... 14.62 10.04 ArmadaHoffler AHH 6.1 17 12.36 +0.64 .19 8.13 2.45 BorrDrilling BORR ... dd 7.08 +0.13 ...
2.26 0.22 ATI PhysTherapy ATIP ... dd .25 –0.02 ... 32.99 21.49 AmericoldRealty COLD 2.9 dd 30.60 +1.01 .22 7.98 4.38 ArmourResREIT ARR 18.9 dd 5.09 –0.01 .08 3.42 1.06 BRF BRFS ... dd 1.35 +0.06 ...
422.75 287.00 BostonBeer SAM ... 64 310.31 –7.20 ...
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19.79 12.61 A10Networks ATEN 1.7 23 13.76 –0.38 .06 357.46 219.99 Ameriprise AMP 1.9 15 291.18 –13.94 1.35 94.94 65.47 ArmstrongWorld AWI 1.5 15 67.45 –1.21.254 25.67 16.76 BRT Apartments BRT 5.7 7 17.42 +0.09 .25
10.95 9.96 AxiosSustGrwA AXAC ... dd 10.46 +0.02 ... 65.69 45.78 BWX Tech BWXT 1.4 25 65.23 +0.65 .23 29.40 18.68 BostonOmaha BOC ... 84 20.14 –0.32 ...
174.63 135.14 AmerisourceBrgn ABC 1.2 22 167.99 +1.14.485 134.56 89.38 ArrowElec ARW ... 6 119.64 +5.21 ... 120.23 46.18 BostonProps BXP 7.5 10 51.93 –1.43 .98
0.26 0.04 AxiosSustGrwRt AXAC.RT ... ... .16 –0.10 ... 148.06 106.17 Ametek AME .7 28 145.02 +7.09 .25 40.68 25.67 ArtisanPtrsAsset APAM 7.6 12 32.69 –1.98 .50 8.66 3.89 Babcock&Wilcox BW ... dd 6.04 –0.18 ...
63.99 48.32 AXIS Capital AXS 3.2 21 54.60 –1.94 .44 36.25 4.61 Babylon BBLN ... dd 7.17 –0.79 ... 53.48 34.98 BostonSci BSX ... 88 51.54 –0.58 ...
3.77 1.24 AmnealPharm AMRX ... dd 1.92 –0.01 ... 23.43 9.64 Artivion AORT ... dd 15.19 +1.32 ... 17.45 8.19 Bowlero BOWL ... dd 14.23 –0.40 ...
30.26 15.12 AZEK AZEK ... cc 26.23 –0.91 ... 5.55 2.15 Ampco-Pitt AP ... 24 2.98 –0.04 ... 29.51 11.32 Asana ASAN ... dd 16.25 +0.07 ... 139.87 73.20 BadgerMeter BMI .6 57 139.26 +6.93.225
47.57 30.21 AZZ AZZ 1.9 dd 36.60 –1.13 .17 3.79 1.08 Bakkt BKKT ... dd 1.47 +0.12 ... 34.98 22.31 Box BOX ... cc 26.57 +0.11 ...
82.86 61.67 Amphenol APH 1.1 24 75.71 +0.24 .21 253.67 138.88 AsburyAutomotive ABG ... 5 196.93 +3.47 ... 71.38 46.10 BoydGaming BYD .9 11 70.60 +1.20 .16
21.02 7.65 Aaron's AAN 4.1 dd 12.34 –1.01 .125 10.38 5.49 AmplifyEnergy AMPY ... 1 7.15 +0.24 ... 12.09 2.61 AshfordHosp AHT ... dd 4.46 +1.06 ... 75.59 46.00 Ball BALL 1.4 41 58.60 +5.42 .20
118.23 93.25 AbbottLabs ABT 1.8 34 111.26 +0.79 .51 29.30 15.09 Bally's BALY ... dd 15.82 –1.38 ... 56.35 40.52 Brady BRC 1.8 16 50.89 –0.14 .23
26.01 4.15 AmpriusTech AMPX ... dd 8.76 –0.62 ... 114.36 87.84 Ashland ASH 1.5 dd 91.02 –10.59 .335 6.64 3.41 BraemarHtls BHR 5.0 dd 3.97 +0.17 .05
168.11 134.09 AbbVie ABBV 4.0 35 148.03 –3.091.48 16.72 10.26 Amrep AXR ... 3 13.94 +0.04 ... 21.93 5.41 AspenAerogels ASPN ... dd 7.43 +1.17 ... 19.26 9.72 BancCalifornia BANC 3.8 7 10.55 –0.80 .10
34.96 14.02 Abercrombie&Fitch ANF ... cc 22.72 –0.82 ... 5.29 2.03 BancoBBVA BBAR .0 3 4.14 –0.14.0162 11.55 3.42 BrandywineRealty BDN 19.7 16 3.86 –0.07 .19
10.58 9.91 AndrettiAcqnA WNNR ... cc 10.55 +0.02 ... 33.00 16.88 AssetMarkFin AMK ... 20 27.14 –3.54 ... 7.03 4.11 BrasilAgro LND 20.4 17 4.76 –0.01.6018
20.72 12.28 AcadiaRealty AKR 5.3 dd 13.47 –0.04 .18 16.14 4.43 AngelOakMtgREIT AOMR16.1 dd 7.96 +0.23 .32 25.50 14.65 AssociatedBanc ASB 5.3 6 15.78 –2.05 .21 7.93 3.93 BancoBilbaoViz BBVA 5.3 6 6.97 –0.37.3333
12.18 7.26 AccelEnt ACEL ... 11 9.25 +0.40 ... 3.55 2.12 BancoBradesco BBDO 5.2 7 2.55 +0.06.0034 19.64 6.26 Braskem BAK ... dd 9.17 +1.31 ...
30.27 11.94 AngloGoldAsh AU 1.6 40 28.34 +1.76 .177 44.50 31.01 AssocCapital AC .5 dd 36.75 –0.58 .10 55.87 23.19 BreadFinancial BFH 3.4 3 24.94 –2.66 .21
322.88 242.80 Accenture ACN 1.7 24 265.65 –14.64 1.12 67.09 44.51 AB InBev BUD .9 22 64.83 –0.14.8245 190.72 104.49 Assurant AIZ 2.1 29 130.94 +7.81 .70 22.56 15.64 BancodeChile BCH 7.4 7 21.96 +0.762.1466
10.31 9.63 AcropolisInfrA ACRO ... cc 10.15 +0.01 ... 3.94 2.50 BancoItauChile ITCL 4.8 5 3.49 +0.07.1646 19.62 8.43 BridgeInvt BRDG 7.9 9 8.56 –1.43 .17
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
27.96 15.11 AnnalyCap NLY 13.6 dd 19.07 –0.91 .65 67.13 45.21 AssuredGuaranty AGO 2.1 27 52.69 –1.18 .28 2.38 0.13 BrightHealth BHG ... dd .15 –0.01 ...
202.90 142.71 AcuityBrands AYI .3 14 157.98 +0.60 .13 23.91 8.39 AnnovisBio ANVS ... dd 14.34 –0.23 ... 25.20 1.00 Atento ATTO ... dd 1.09 –0.71 ... 19.49 12.58 Bladex BLX 5.5 7 18.02 +0.02 .25
54.11 37.46 Acushnet GOLF 1.5 18 53.25 +3.12 .195 23.15 9.72 BancoMacro BMA 3.9 4 17.80 +0.11.0729 94.87 54.19 BrightHorizons BFAM ... 77 90.77 +14.65 ...
11.61 8.56 AnteroMidstream AM 8.6 15 10.45 –0.31.225 10.31 9.76 AthenaTechII A ATEK ... cc 10.31 +0.01 ... 4.48 1.95 BrightScholar BEDU ... ... 1.99 –0.22 ...
11.50 6.95 Adecoagro AGRO 3.7 9 8.52 +0.06.1626 48.80 20.06 AnteroResources AR ... 3 21.10 –1.89 ... 154.86 70.50 Atkore ATKR ... 6 125.49 –0.84 ... 7.21 4.76 BancSanBrasil BSBR 4.6 ... 5.66 +0.25.0816
47.50 27.15 Adient ADNT ... cc 34.76 –2.18 ... 20.37 13.37 BcoSantChile BSAC 4.9 9 19.54 +0.391.2511 26.88 14.73 BrightSphere BSIG .2 10 22.59 +0.01 .01
13.03 4.33 AnywhereRealEst HOUS ... dd 5.15 –1.22 ... 41.04 23.34 AtlUnionBkshs AUB 4.7 9 25.41 –3.21 .30 9.45 5.21 BrightSpire BRSP14.9 57 5.36 –0.34 .20
44.40 29.61 AdtalemGlbEduc ATGE ... 23 41.65 +1.08 ... 334.76 246.21 Aon AON .7 26 328.40 +3.22 .615 18.95 15.06 AtlasEnergySolns AESI ... ... 17.00 –1.04 ... 4.09 2.26 BancoSantander SAN 2.4 6 3.45 –0.02.0631
217.35 109.05 AdvanceAuto AAP 4.8 15 123.77 –1.76 1.50 45.98 21.55 BanColombia CIB 4.4 7 24.99 +0.49.7332 13.73 5.16 BrightView BV ... 77 6.54 +1.01 ...
46.38 32.51 AptIncmREIT AIRC 5.0 11 36.03 –0.95 .45 121.92 97.71 AtmosEnergy ATO 2.5 20 117.56 +3.42 .74 42.12 21.47 BrinkerIntl EAT ... 19 38.05 –1.87 ...
153.36 75.02 AdvDrainageSys WMS .6 16 87.12 +1.40 .12 9.79 5.22 ApartmtInv AIV 20.5 17 7.99 +0.16 .02 3.55 1.52 ATRenew RERE ... dd 2.20 ... ... 38.60 26.32 BankofAmerica BAC 3.2 8 27.71 –1.57 .22
48.96 30.69 AdvanSix ASIX 1.6 6 37.24 –0.44 .145 38.31 22.93 BankofButterfield NTB 7.3 5 24.17 –1.56 .44 70.05 48.38 Brink's BCO 1.3 18 63.29 +0.44 .20
24.49 13.09 APi Group APG ... 99 22.49 –0.27 ... 2.44 0.09 Audacy AUD ... dd .11 –0.01 ... 81.44 65.28 BristolMyers BMY 3.3 20 68.14 +1.37 .57
5.69 3.76 Aegon AEG 4.6 dd 4.40 –0.13.1288 13.10 7.91 ApolloComRlEst ARI 14.7 5 9.52 –0.60 .35 40.89 23.66 Autohome ATHM 1.9 14 29.67 +0.02 .53 85.45 34.71 BankofHawaii BOH 6.4 8 43.71 –4.72 .70
5.90 1.85 Aenza AENZ ... dd 2.25 ... ... 110.67 81.57 BankofMontreal BMO 3.9 7 87.97 –2.221.0697 0.17 0.09 BristolMyersRt CELG.RT ... ... .11 ... ...
74.63 45.62 ApolloGlbMgmt APO 2.6 dd 60.53 –2.86 .40 98.00 65.74 Autoliv ALV 3.1 18 85.58 –0.23 .66 32.74 20.08 Bristow VTOL ... 72 22.77 +0.40 ...
66.85 37.20 AerCap AER ... 8 55.47 –0.89 ... 10.40 9.76 ApolloStratII A APGB ... 34 10.20 –0.08 ... 158.30 94.92 AutoNation AN ... 5 133.22 +1.52 ... 52.26 36.22 BankNY Mellon BK 3.6 13 41.17 –1.42 .37
56.80 36.44 AerojetRocket AJRD ... 63 56.31 –0.10 ... 68.59 45.26 BankNovaScotia BNS 6.1 9 50.03 +0.12.7602 45.28 34.44 BritishAmTob BTI 7.8 10 35.60 –1.45.7006
18.22 13.66 AppleHospREIT APLE 6.2 22 15.49 +0.60 .08 2722.60 1703.32 AutoZone AZO ... 22 2691.58 +28.27 ... 24.65 17.62 BrixmorProp BRX 4.9 17 21.36 +0.03 .26
4.64 0.89 AevaTech AEVA ... dd 1.08 +0.09 ... 149.42 88.09 AppliedIndlTechs AIT 1.1 15 129.67 –5.99 .35 220.42 153.07 Avalonbay AVB 3.7 25 179.75 –0.62 1.65 42.17 16.53 BankUnited BKU 5.9 5 18.19 –4.36 .27
180.63 108.12 AffiliatedMgrs AMG .0 5 141.59 –2.79 .01 10.95 9.89 BanyanAcqnA BYN ... 21 10.31 ... ... 8.02 3.52 BroadmarkRealty BRMK 8.7 dd 4.85 –0.06.035
10.40 9.76 AfricanGoldA AGAC ... ... 10.36 –0.04 ... 9.44 5.89 Barclays BCS 4.4 ... 7.82 –0.25.104 183.33 131.35 BroadridgeFinl BR 1.9 33 152.87 +7.46.725
10.60 9.63 AfterNextA AFTR ... 40 10.27 –0.01 ... 10.55 6.96 BaringsBDC BBDC13.4 67 7.25 –0.37 .25 22.72 14.98 Broadstone BNL 6.7 21 16.33 +0.16 .28
160.26 112.52 AgilentTechs A .7 30 133.30 –2.13.225 3.32 1.38 Barnes&NobleEduc BNED ... dd 1.50 –0.06 ... 6.29 2.27 BrookdaleSrLiving BKD ... dd 3.94 –0.35 ...
16.56 6.11 Carnival CCL ... dd 10.01 +0.80 ... 10.65 9.79 ConstellationI A CSTA ... 31 10.34 +0.03 ... 6.27 2.55 DouglasElliman DOUG 6.9 dd 2.88 –0.31 .05 315.31 195.03 EssexProp ESS 4.2 29 220.00 +0.27 2.31 10.62 9.77 GSquaredIIA GSQB ... 30 10.40 +0.01 ...
15.15 5.43 Carnival CUK ... dd 9.01 +0.69 ... 261.32 208.12 ConstBrands A STZ 1.6 dd 223.44 –6.03 .80 29.54 10.62 DouglasEmmett DEI 6.3 24 12.09 –0.79 .19 284.45 186.47 EsteeLauder EL 1.3 67 203.54 –43.18 .66 61.84 32.10 GXO Logistics GXO ... 31 52.50 –0.63 ...
54.89 24.76 CarpenterTech CRS 1.6 cc 50.27 –2.47 .20 17.57 9.82 Constellium CSTM ... 15 14.93 +0.08 ... 160.66 114.49 Dover DOV 1.4 19 144.51 –1.65.505 31.78 19.60 EthanAllen ETD 5.3 6 27.16 –0.77 .36 214.22 148.24 Gallagher AJG 1.0 41 213.82 +5.76 .55
44.52 22.71 CarriageSvcs CSV 1.6 13 27.59 –1.12.1125 8.11 2.75 ContainerStore TCS ... 3 2.95 –0.14 ... 70.38 42.91 Dow DOW 5.1 14 54.41 +0.01 .70 21.00 9.94 Euronav EURN 1.3 16 15.84 –1.36 .03 47.99 15.41 GameStop GME ... dd 20.42 +1.13 ...
49.17 33.10 CarrierGlobal CARR 1.7 14 42.38 +0.56 .185 16.00 6.86 Volaris VLRS ... dd 11.77 +0.01 ... 47.46 22.91 Doximity DOCS ... 59 34.10 –2.65 ... 13.34 5.10 EveHolding EVEX ... dd 7.41 –0.39 ... 4.08 1.25 Gannett GCI ... dd 2.01 +0.11 ...
20.42 8.75 Cars.com CARS ... 50 17.64 –1.93 ... 13.05 11.56 Cool CLCO ... ... 12.11 –0.10 ... 61.40 49.59 DrReddy'sLab RDY .5 22 60.78 +0.32.3171 10.53 9.86 EVeMobilityA EVE ... cc 10.47 –0.03 ... 5.49 0.64 GaotuTechedu GOTU ... cc 3.01 –0.27 ...
86.76 62.66 Carter's CRI 4.4 12 68.85 –0.92 .75 388.29 244.22 Cooper COO .0 51 385.94 +4.49 .03 18.00 8.17 DreamFinders DFH ... 7 16.13 +0.88 ... 12.89 5.30 Eventbrite EB ... dd 6.46 –0.81 ... 15.49 7.79 Gap GPS 6.9 dd 8.67 –0.93 .15
58.05 3.55 Carvana CVNA ... dd 8.96 +2.02 ... 18.95 3.53 Cooper-Standard CPS ... dd 11.50 –1.95 ... 35.95 19.10 Dril-Quip DRQ ... cc 26.70 –0.58 ... 137.42 78.67 EvercoreA EVR 2.8 11 108.63 –5.44 .76 108.32 76.37 Garmin GRMN 2.8 21 103.78 +5.61 .73
115.34 40.69 Catalent CTLT ... 21 47.75 –2.37 ... 98.11 55.25 Copa CPA 3.5 10 92.58 +2.26 .82 22.29 12.64 DuckhornPtf NAPA ... 30 14.62 –0.48 ... 10.52 9.94 EverestConsolA MNTN ... cc 10.51 ... ... 358.25 221.39 Gartner IT ... 26 303.57 +1.11 ...
266.04 160.60 Caterpillar CAT 2.2 16 215.09 –3.71 1.20 27.26 18.75 Core&Main CNM ... 13 26.84 +0.78 ... 58.28 38.89 Ducommun DCO ... 21 48.76 –1.24 ... 395.00 244.58 EverestRe RE 1.8 22 375.40 –2.60 1.65 14.93 9.40 GatesIndustrial GTES ... 19 14.09 +0.62 ...
14.25 8.04 Cato CATO 8.2 cc 8.33 +0.08 .17 31.42 13.19 CoreLabs CLB .2 43 21.89 –0.62 .01 114.50 83.76 DukeEnergy DUK 4.0 30 99.36 +0.481.005 21.11 13.52 Everi EVRI ... 12 15.13 –0.07 ... 7.49 2.20 GatosSilver GATO ... dd 6.32 +0.35 ...
35.80 1.42 Cazoo CZOO ... dd 1.58 –0.20 ... 23.50 14.01 CorebridgeFin CRBG 5.5 1 16.64 –0.22 .23 17.50 9.86 Dun&Bradstreet DNB 1.8 dd 10.95 –0.22 .05 94.41 70.54 EversourceEner ES 3.5 19 77.44 –0.17 .675 27.15 11.92 GencoShipping GNK 14.4 4 13.90 –1.51 .15
52.26 37.58 CedarFairRec FUN 2.9 9 40.79 –2.93 .30 35.48 20.45 CoreCard CCRD ... 15 24.26 –1.50 ... 78.40 49.52 DuPont DD 2.2 6 65.51 –4.21 .36 40.30 30.17 Evertec EVTC .6 10 34.00 –0.69 .05 299.85 86.29 Generac GNRC ... 29 114.18 +11.96 ...
161.37 86.71 Celanese CE 2.6 6 105.90 –0.34 .70 13.51 7.84 CoreCivic CXW ... 9 8.72 –0.07 ... 54.18 20.05 DutchBros BROS ... dd 32.63 +1.48 ... 39.78 21.83 EvolentHealth EVH ... dd 34.01 –2.40 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
46.24 21.56 HannonArmstrong HASI 6.0 cc 26.18 –2.20.395 2.72 1.53 LumentFinance LFT 14.9 14 1.61 –0.23 .06 10.75 9.81 MotiveCapII A MTVC ... cc 10.48 +0.01 ...
95.18 63.77 ITT ITT 1.4 18 84.13 –0.31 .29 59.99 41.96 KBR KBR .9 26 58.56 +1.83 .135
149.91 115.26 HanoverIns THG 2.7 dd 119.04 –0.52 .81 17.83 12.71 Luxfer LXFR 3.4 22 15.52 +0.27 .13 295.10 195.18 MotorolaSol MSI 1.3 35 281.56 –9.84 .88
3.34 0.92 IamGold IAG ... dd 3.24 +0.39 ... 21.08 9.09 KE Holdings BEKE ... dd 16.03 +0.34 ... 117.22 71.46 LyondellBasell LYB 5.2 10 92.40 –2.21 1.19 37.92 24.25 Movado MOV 5.5 6 25.48 –0.141.00
51.77 29.80 HarleyDavidson HOG 1.9 6 35.44 –1.66 .165 10.78 9.94 IconicSportsA ICNC ... 25 10.54 +0.01 ... 60.53 41.77 KKR KKR 1.2 dd 51.51 –1.56 .155
5.43 1.94 HarmonyGold HMY ... 31 5.21 +0.60 ... 76.00 50.05 MuellerIndustries MLI 1.6 6 74.48 +2.63 .30
246.23 172.19 IDEX IEX 1.1 27 210.93 +4.61 .60 20.72 10.06 KKR RealEstFin KREF16.7 dd 10.32 –0.42 .43 M 14.96 9.90 MuellerWater MWA 1.6 29 14.94 +1.54 .061
9.41 3.73 Harsco HSC ... dd 9.15 +2.28 ... 4.26 1.34 iHuman IH ... 11 3.25 +0.08 ... 4.90 1.06 KoreGroup KORE ... dd 1.15 –0.07 ...
79.44 60.17 HartfordFinl HIG 2.4 12 69.73 –1.26.425 193.42 109.36 M&T Bank MTB 4.4 9 118.58 –7.22 1.30 6.19 0.61 MultiPlan MPLN ... dd .79 –0.19 ...
253.37 173.52 IllinoisToolWks ITW 2.3 23 230.31 –11.63 1.31 15.23 11.12 KT KT 5.3 6 11.50 +0.20.7482 51.29 25.97 MurphyOil MUR 3.2 4 34.70 –2.01.275
38.85 22.77 HavertyFurn HVT 4.3 5 26.23 –3.91 .28 21.82 12.13 Imax IMAX ... dd 19.19 –1.76 ... 221.27 154.19 Kadant KAI .6 21 195.11 +9.28 .29 14.48 7.86 MBIA MBI ... dd 9.54 –0.52 ...
37.62 24.55 HavertyFurn A HVT.A 4.0 5 26.14 –4.33 .26 42.67 27.04 MDC Holdings MDC 4.8 6 41.42 +0.45 .50 323.00 217.39 MurphyUSA MUSA .5 11 291.88 +16.65 .37
5.25 2.77 IndependenceContr ICD ... dd 3.09 +0.03 ... 23.35 1.57 Kaleyra KLR ... dd 1.75 –0.09 ... 26.49 16.08 MyersIndustries MYE 2.8 13 19.37 +0.42 .135
44.01 33.18 HawaiianElec HE 3.7 18 38.99 –0.22 .36 24.17 14.55 IndepRealty IRT 3.3 74 16.94 +0.29 .14 38.51 18.88 Kaman KAMN 3.5 dd 22.54 +0.47 .20 32.53 24.92 MDU Rscs MDU 3.0 16 29.32 +0.10.2225
11.04 9.70 HawksAcqnA HWKZ ... cc 10.20 +0.04 ... 10.77 9.81 InfiniteAcqnA NFNT ... cc 10.48 –0.11 ... 77.17 63.74 Kellogg K 3.4 29 70.35 +0.58 .59 14.93 7.15 MFA Financial MFA 13.6 dd 10.30 –0.39 .35 N
16.49 7.97 Hayward HAYW ... 24 12.39 +0.35 ... 10.67 9.99 InFinTAcqnA IFIN ... dd 10.66 –0.01 ... 68.15 40.65 Kemper KMPR 2.7 dd 45.53 –3.12 .31 15.76 11.38 MGIC Investment MTG 2.7 5 14.77 –0.10 .10
30.76 18.00 HealthcareRealty HR 7.0 cc 20.13 +0.35 .31 23.87 13.29 Informatica INFA ... dd 14.51 –0.95 ... 30.60 20.21 Kennametal KMT 3.0 18 26.93 +0.97 .20 46.37 26.41 MGM Resorts MGM .0 9 43.14 –1.78.0025 63.19 30.19 NACCO Inds NC 2.6 3 32.52 –3.60.2075
31.08 20.21 HealthpeakProp PEAK 5.6 22 21.48 –0.49 .30 20.60 14.71 Infosys INFY 1.6 21 15.25 –0.29.2013 21.97 13.97 KennedyWilson KW 6.4 33 14.98 –1.80 .24 68.53 34.33 MI Homes MHO ... 4 67.37 –0.27 ... 13.92 8.12 N-able NABL ... cc 12.57 –0.18 ...
10.86 9.88 HeartlandMediaA HMA ... 24 10.46 +0.02 ... 19.49 4.45 MinisoGroup MNSO .0 33 16.73 –1.71 .152 35.47 18.06 NCR NCR ... 37 22.78 +0.49 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
60.39 39.28 IngersollRand IR .1 37 59.17 +2.15 .02 59.75 25.84 KenonHoldings KEN 10.3 5 27.19 +0.872.79
7.00 3.41 HeclaMining HL .2 dd 6.12 +0.07.0025 90.81 59.35 Ingevity NGVT ... 11 60.57 –11.17 ... 10.91 9.98 KensingtonCapAcqnV KCGI.UT ... ... 10.58 ... ... 3.44 1.41 MOGU MOGU ... ... 2.59 +0.34 ... 4.03 1.00 NGL Energy NGL ... dd 2.76 –0.17 ...
177.55 126.95 Heico HEI .1 66 170.09 +1.45 .10 112.30 78.81 Ingredion INGR 2.6 13 108.40 +2.23 .71 10.57 9.85 KensingtonCapV A KCGI ... 12 10.49 ... ... 35.37 27.47 MPLX MPLX 9.1 9 33.99 –1.00 .775 24.43 7.33 NIO NIO ... dd 8.15 +0.28 ...
140.60 102.33 Heico A HEI.A .1 52 135.47 +1.24 .10 139.54 63.36 InnovativeIndProp IIPR 10.4 13 69.36 +0.811.80 27.03 25.25 Kenvue KVUE ... ... 26.50 +4.50 ... 42.84 20.21 MP Materials MP ... 17 20.67 –1.00 ... 10.71 5.75 NL Industries NL 4.7 9 5.93 –0.50 .07
4.60 0.19 Heliogen HLGN ... dd .29 ... ... 5.47 0.75 Innovid CTV ... dd .93 –0.01 ... 20.30 8.54 KeyCorp KEY 8.3 6 9.83 –1.43.205 13.90 7.03 MRC Global MRC ... 15 8.86 –0.88 ... 24.83 13.98 NOV NOV 1.3 19 15.56 –1.19 .05
73.64 48.27 HeliosTech HLIO .6 20 61.93 +1.79 .09 131.09 87.74 Insperity NSP 1.8 22 117.79 –4.67 .52 189.45 127.93 KeysightTech KEYS ... 23 143.66 –0.98 ... 146.33 108.75 MSA Safety MSA 1.4 dd 134.19 +4.44 .47 14.86 8.79 NOW DNOW ... 8 9.46 –1.21 ...
9.16 2.47 HelixEnergy HLX ... dd 7.01 –0.24 ... 282.31 142.74 InspireMedical INSP ... dd 277.19 +9.56 ... 67.01 26.70 KilroyRealty KRC 7.6 14 28.31 –0.93 .54 572.50 376.41 MSCI MSCI 1.2 43 473.65 –8.80 1.38 47.82 30.25 NRG Energy NRG 4.8 dd 31.28 –2.89.3775
54.59 30.45 Helm&Payne HP 3.1 11 32.24 –0.92.235 125.87 69.44 InstalledBldg IBP 1.1 14 117.16 –7.11 .33 10.59 9.99 KimbellTigerA TGR ... 89 10.56 –0.01 ... 91.93 71.33 MSC Industrial MSM 3.5 14 90.72 –0.01 .79 5986.96 3576.01 NVR NVR ... 12 5852.47 +12.47 ...
30.65 12.04 Herbalife HLF ... 6 14.07 –0.79 ... 45.56 24.00 InsteelInds IIIN .4 7 28.94 +1.41 .03 147.87 108.74 KimberlyClark KMB 3.3 25 145.18 +0.29 1.18 10.56 9.44 M3-Brigade II A MBAC ... 15 10.09 –0.01 ... 10.56 9.95 NaborsEnerA NETC ... cc 10.52 –0.01 ...
162.47 83.43 HercHoldings HRI 2.5 9 100.50 +0.48.6325 31.47 15.68 Instructure INST ... dd 25.09 –1.44 ... 24.27 17.34 KimcoRealty KIM 4.9 78 18.81 –0.38 .23 10.39 9.85 M3-BrigadeIII A MBSC ... dd 10.36 –0.03 ... 193.88 91.11 NaborsIndustries NBR ... dd 97.10 –2.64 ...
17.34 10.94 HerculesCapital HTGC11.9 17 13.10 –0.14 .08 86.18 50.05 IntegerHoldings ITGR ... 41 82.25 –0.10 ... 20.20 15.78 KinderMorgan KMI 6.6 15 17.04 –0.11.2825 16.41 8.38 MV Oil MVO 19.9 5 10.76 –0.85.345 50.00 26.48 NatlBankHoldings NBHC 3.4 11 29.07 –2.73 .25
4.05 1.12 HeritageInsurance HRTG 6.4 dd 3.76 +0.53 .06 10.90 9.94 IntegratedRailA IRRX ... 32 10.59 +0.01 ... 44.99 26.32 Kinetik KNTK10.2 22 29.37 –1.43 .75 15.90 4.38 Mytheresa MYTE ... dd 4.50 –0.41 ... 75.97 51.67 NationalFuelGas NFG 3.5 9 54.12 –1.78.475
12.15 5.76 HershaHospitality HT 3.2 2 6.26 –0.04 .05 10.85 9.93 IntegratedWellA WEL ... cc 10.62 +0.04 ... 10.60 5.15 KingswayFin KFS ... 6 8.59 –0.09 ... 14.51 7.40 Macerich MAC 6.8 dd 10.01 +0.02 .17 77.94 47.22 NationalGrid NGG 4.2 13 73.24 +1.591.0307
276.88 201.42 Hershey HSY 1.5 33 275.33 +2.271.036 113.07 88.60 ICE ICE 1.6 42 108.31 –0.62 .42 5.50 3.00 KinrossGold KGC 2.3 dd 5.32 +0.27 .03 25.12 14.48 Macy's M 4.3 4 15.37 –0.97.1654 67.16 47.54 NatlHealthInv NHI 7.3 33 49.30 –0.47 .90
160.52 90.34 Hess HES 1.3 20 136.30 –8.76.4375 72.10 47.06 InterContinentl IHG 2.0 33 68.73 –0.55.945 345.75 196.00 KinsaleCapital KNSL .2 42 328.43 +1.72 .14 35.00 28.27 MSG Ent MSGE ... ... 34.60 +2.33 ... 81.50 59.99 NatlPrestoInds NPK 1.5 23 68.62 +0.603.00
34.99 24.33 HessMidstream HESM 8.1 15 28.94 –0.40.5851 29.50 19.65 IntercorpFinSvcs IFS 5.3 6 22.31 –0.06 1.18 76.34 55.03 Kirby KEX ... 30 72.10 +0.26 ... 209.82 136.61 MSG Sports MSGS .0 61 206.33 +5.837.00 48.42 38.05 NatlRetailProp NNN 5.0 23 44.44 +0.94 .55
17.25 11.90 HewlettPackard HPE 3.4 22 14.11 –0.21 .12 153.21 115.55 IBM IBM 5.4 63 123.65 –2.76 1.66 23.10 16.42 KiteRealty KRG 4.4 cc 20.65 –0.07 .24 56.88 44.79 MagellanMid MMP 7.7 10 54.46 –1.341.0475 58.31 34.90 NatlStorage NSA 5.8 38 37.97 –0.58 .55
75.47 47.38 Hexcel HXL .7 41 72.27 +0.19 .125 135.17 81.53 IntlFlavors IFF 3.4 dd 96.45 –0.51 .81 64.35 42.50 Knight-Swift KNX 1.0 14 58.08 +1.76 .14 68.92 45.58 MagnaIntl MGA 3.4 35 53.98 +1.82 .46 7.46 3.61 Natura&Co NTCO ... dd 4.49 +0.10 ...
40.41 19.45 HighwoodsProp HIW 9.0 15 22.25 –0.67 .50 28.98 15.01 IntlGameTech IGT 2.9 20 27.49 –0.65 .20 11.30 9.87 KnightSwanA KNSW ... cc 10.44 +0.01 ... 20.64 8.18 Magnachip MX ... dd 8.71 –0.17 ... 15.00 9.11 NaturalGasSvcs NGS ... dd 10.49 +0.19 ...
53.54 36.16 Hillenbrand HI 1.9 16 46.98 +1.36 .22 49.32 30.69 IntlPaper IP 5.7 6 32.35 –0.76.4625 18.70 4.28 KnotOffshore KNOP 2.3 3 4.46 –0.32.026 30.31 18.01 MagnoliaOil MGY 2.1 5 19.83 –1.29 .115 19.36 8.00 NaturalGrocers NGVC 3.4 16 11.72 +0.93 .10
34.87 24.18 Hilltop HTH 2.0 18 31.56 +0.54 .16 53.25 17.89 IntlSeaways INSW 1.3 5 37.75 –2.07 1.88 20.25 11.57 Knowles KN ... dd 16.26 –0.62 ... 10.58 9.74 MagnumOpusA OPA ... 17 10.35 +0.09 ... 65.72 36.21 NaturalResPtrs NRP 6.0 4 50.39 –1.67 .75
51.81 32.12 HiltonGrandVac HGV ... 13 41.50 –1.30 ... 39.52 25.14 Interpublic IPG 3.5 15 35.59 –0.14 .31 57.19 19.19 Kohl's KSS 9.6 dd 20.80 –1.23 .50 45.67 31.66 MainStreetCap MAIN 6.7 12 40.33 –0.19 .23 12.22 4.40 Natuzzi NTZ ... dd 5.72 +0.72 ...
152.89 108.41 Hilton HLT .4 32 144.61 +0.59 .15 74.66 20.82 IntrepidPotash IPI ... 6 20.92 –4.86 ... 26.34 11.75 Philips PHG 3.7 dd 21.15 +0.03.9387 27.34 10.41 ManchesterUnited MANU .9 dd 19.07 –0.98 .09 7.80 4.71 NatWest NWG 5.0 7 6.63 ....3958
6.50 4.93 HimalayaShipping HSHP ... ... 5.81 +0.02 ... 20.20 7.53 Manitowoc MTW ... dd 15.50 +0.21 ... 3.17 1.20 Nautilus NLS ... dd 1.23 –0.10 ...
32.93 20.82 InvenTrust IVT 3.8 35 22.80 +0.25.2155 53.83 30.98 KontoorBrands KTB 4.7 10 41.01 –4.16 .48
12.31 2.72 Hims&HersHealth HIMS ... dd 12.04 +0.45 ... 94.46 64.00 Manpower MAN 3.9 10 70.38 –5.33 1.36 15.21 9.81 NavigatorHldgs NVGS ... 19 12.78 –1.03 ...
18.10 9.48 InvescoMtg IVR 15.9 dd 10.08 –0.53 .40 38.42 20.11 Koppers KOP .7 11 33.17 +0.36 .06
44.00 11.30 Hippo HIPO ... dd 18.43 +0.19 ... 20.40 14.92 ManulifeFinl MFC 4.5 7 19.79 +0.04.2703 3.84 1.53 NaviosMaritime NM ... dd 1.89 –0.02 ...
9.00 1.17 Invitae NVTA ... dd 1.54 +0.18 ... 9.50 5.76 KoreaElecPwr KEP ... dd 7.33 +0.31 ...
18.66 6.88 HireRight HRT ... 5 9.80 –0.80 ... 33.42 19.42 MarathonOil MRO 1.6 6 22.93 –1.23 .10 99.49 72.94 Nelnet NNI 1.1 9 94.30 –2.00 .26
40.20 28.52 InvitatHomes INVH 3.0 68 34.39 +1.02 .26 66.65 44.69 KornFerry KFY 1.3 10 47.46 –0.56 .15
12.68 1.88 Holley HLLY ... 4 2.32 –0.09 ... 138.83 77.62 MarathonPetrol MPC 2.8 3 106.90 –15.10 .75 4.44 1.59 NerdyA NRDY ... dd 2.85 –1.12 ...
8.61 3.04 IonQ IONQ ... dd 5.90 +0.39 ... 8.55 4.64 KosmosEnergy KOS ... 14 6.39 –0.01 ...
20.00 15.12 HollyEnergy HEP 8.5 9 16.39 –0.27 .35 44.40 29.26 Marcus&Millichap MMI 1.6 12 31.26 –0.21 .25 21.48 17.07 Netstreit NTST 4.4 cc 18.03 –0.19 .20
57.21 43.33 IronMountain IRM 4.4 28 56.39 +1.15.6185 55.83 41.82 Kroger KR 2.1 16 49.23 +0.60 .26
26.20 19.82 HomeBancShares HOMB 3.4 12 20.96 –0.81 .18 18.23 13.41 Marcus MCS 1.2 dd 16.54 –0.98 .05 56.31 26.62 Nevro NVRO ... dd 27.08 –2.19 ...
3.38 0.20 IronNet IRNT ... dd .30 +0.02 ... 19.78 8.05 KronosWorldwide KRO 8.9 9 8.53 –0.77 .19
347.25 264.51 HomeDepot HD 2.9 17 289.62 –10.922.09 14.45 1.11 MariaDB MRDB ... 5 1.23 –0.01 ... 55.84 38.07 NewJerseyRscs NJR 3.1 17 50.88 –0.76 .39
6.07 3.90 ItauUnibanco ITUB ... 9 5.22 +0.07 ... 3.42 0.33 KukeMusic KUKE ... dd .81 –0.04 ...
27.40 21.44 HondaMotor HMC 2.9 9 26.75 +0.17.4426 14.86 7.75 MarineProducts MPX 3.9 11 14.36 +0.59 .14 46.74 9.29 NewOrientalEduc EDU ... dd 41.32 –4.27 ...
17.21 7.93 Kyndryl KD ... dd 14.37 –0.09 ...
42.24 30.61 HoraceMannEdu HMN 4.0 dd 33.15 +1.87 .33 J 45.84 25.60 MarineMax HZO ... 4 28.88 –0.24 ... 80.88 41.66 NewRelic NEWR ... dd 72.33 +0.86 ...
53.46 37.78 HormelFoods HRL 2.7 23 41.20 +0.76.275 L 1458.56 1064.09 Markel MKL ... 66 1352.13 –16.40 ... 11.02 5.81 NY CmntyBcp NYCB 6.8 3 10.06 –0.63 .17
111.25 59.25 DR Horton DHI .9 7 108.12 –1.70 .25 26.95 13.37 JBG SMITH Prop JBGS 6.2 22 14.61 +0.34.225 3.39 0.71 Markforged MKFG ... dd .81 –0.17 ... 42.40 27.59 NYTimes A NYT 1.1 38 39.96 +0.21 .11
102.36 74.18 HoulihanLokey HLI 2.4 23 87.31 –4.07 .53 19.51 8.38 JELD-WEN JELD ... 24 12.23 –0.55 ... 139.89 89.28 LCI Inds LCII 3.6 7 115.15 +2.19 1.05 165.85 110.08 MarriottVacations VAC 2.2 14 129.82 –4.74 .72 404.60 280.28 NewMarket NEU 2.3 12 397.62 –1.982.25
77.32 33.20 Hovnanian HOV ... 3 74.84 +1.07 ... 30.36 15.26 J.Jill JILL ... 8 23.09 –1.64 ... 7.09 4.08 LG Display LPL .0 dd 5.65 +0.03 .231 182.43 143.33 Marsh&McLen MMC 1.3 28 179.36 –0.83 .59 73.18 37.45 Newmont NEM 3.3 dd 48.72 +1.32 .40
91.84 50.90 HowardHughes HHC ... 21 76.64 –0.73 ... 144.34 101.28 JPMorganChase JPM 2.9 10 136.74 –1.501.00 13.05 3.06 LL Flooring LL ... dd 3.55 +0.26 ... 401.90 284.99 MartinMarietta MLM .7 26 397.66 +34.46 .66 4.91 2.38 NewparkResources NR ... dd 3.92 –0.08 ...
45.70 29.84 HowmetAerospace HWM .4 38 44.00 –0.29 .04 89.10 48.80 Jabil JBL .4 11 77.27 –0.88 .08 22.23 8.15 LSB Inds LXU ... 4 8.82 –0.11 ... 58.18 42.33 Masco MAS 2.1 15 53.45 –0.06.285 9.68 4.27 NexaResources NEXA .0 dd 5.71 –0.29.1888
282.19 170.21 Hubbell HUBB 1.6 26 272.09 +2.77 1.12 10.72 9.79 JacksonAcqnA RJAC ... 25 10.35 +0.01 ... 45.49 31.90 LTC Properties LTC 6.8 11 33.48 +0.03 .19 94.98 65.71 MasoniteIntl DOOR ... 10 89.72 –1.69 ... 5.33 3.39 NexGenEnergy NXE ... dd 3.90 ... ...
468.88 245.03 HubSpot HUBS ... dd 444.21 +23.26 ... 49.60 23.56 JacksonFinl JXN 7.1 1 34.93 –1.08 .62 255.10 183.21 L3HarrisTech LHX 2.4 39 187.73 –7.42 1.14 103.50 62.36 MasTec MTZ ... cc 89.33 +0.52 ... 25.98 12.53 NexPointRealEst NREF14.5 dd 13.80 –0.12 .185
6.34 3.08 HudbayMinerals HBM .3 19 5.19 +0.18.0076 140.90 106.78 JacobsSolns J .9 24 119.13 +3.67 .26 11.92 8.81 LXP Industrial LXP 5.2 25 9.66 +0.26 .125 15.00 7.08 MasterBrand MBC ... ... 8.02 –0.05 ... 78.02 38.67 NexPointResidentl NXRT 3.9 dd 42.56 –0.37 .42
22.56 4.59 HudsonPacProp HPP 19.2 dd 5.22 –0.34 .25 28.27 17.25 JamesHardie JHX .9 22 23.22 +0.96 .30 33.06 21.92 La-Z-Boy LZB 2.6 7 28.38 –0.35.1815 390.00 276.87 Mastercard MA .6 38 384.66 +4.63 .57 4.12 1.82 Nextdoor KIND ... dd 2.01 –0.10 ...
571.30 410.87 Humana HUM .7 22 535.02 +4.53.885 31.30 19.09 JanusHenderson JHG 5.9 12 26.55 +0.60 .39 263.13 200.32 LabCorp.ofAmerica LH 1.3 20 223.86 –2.85 .72 73.78 41.17 MatadorRscs MTDR 1.3 5 44.70 –4.33 .15 91.35 67.22 NextEraEnergy NEE 2.5 22 75.51 –1.12.4675
260.02 188.51 HuntingIngalls HII 2.5 14 197.51 –4.15 1.24 12.24 7.95 JanusIntl JBI ... 13 9.30 +0.30 ... 12.18 8.67 LadderCapital LADR 9.9 8 9.29 –0.06 .23 121.29 64.89 Materion MTRN .5 23 106.52 –1.79 .125 12.50 6.66 NexTierOilfield NEX ... 3 7.74 –0.34 ...
37.13 23.54 Huntsman HUN 3.6 12 26.64 –0.15.2375 40.68 24.72 JefferiesFin JEF 4.0 13 30.31 –1.72 .30 113.03 60.59 LambWeston LW 1.0 30 112.09 +0.28 .28 28.99 16.30 Mativ MATV 9.7 cc 16.56 –2.81 .40 86.48 51.76 NicoletBankshares NIC ... 13 56.85 –0.46 ...
125.07 70.12 HyattHotels H ... 22 116.30 +2.00 ... 2.22 1.05 JianpuTech JT ... dd 1.43 –0.06 ... 22.81 4.19 Lanvin LANV ... dd 5.18 +0.07 ... 95.52 56.51 Matson MATX 1.8 3 67.47 –0.56 .31 131.31 82.22 Nike NKE 1.1 37 126.59 –0.13 .34
4.71 1.22 Hyliion HYLN ... dd 1.68 +0.31 ... 76.92 38.43 JinkoSolar JKS ... 19 48.09 –1.52 ... 65.58 28.88 LasVegasSands LVS ... dd 61.65 –2.20 ... 12.78 8.27 MauiLand MLP ... cc 12.45 –0.04 ... 17.10 2.03 NineEnergy NINE ... 8 3.65 –0.21 ...
40 BARRON’S May 8, 2023
14.08 5.74 Olo OLO ... dd 6.68 –0.17 ... 7.52 3.29 PlanetLabs PL ... dd 3.90 –0.18 ... 76.30 31.09 RoyalCaribbean RCL ... dd 75.61 +10.18 ... 62.26 34.17 SonicAutomotive SAH 2.9 64 40.61 –3.91 .29 5.38 3.10 Telefonica TEF 5.4 cc 4.39 –0.12.1553
33.71 25.61 OmegaHealthcare OHI 9.3 26 28.86 +2.10 .67 8.40 4.21 PlayAGS AGS ... dd 5.32 +0.04 ... 10.50 0.38 RubiconTech RBT ... dd .48 –0.02 ... 31.00 6.00 SonidaSrLiving SNDA ... dd 7.32 –0.15 ... 32.25 23.03 TelekmIndonesia TLK 2.7 20 28.60 –0.201.0389
96.78 61.31 Omnicom OMC 3.1 13 89.75 –0.82 .70 23.20 15.59 PlymouthIndREIT PLYM 4.3 dd 21.09 +0.85.225 6.78 2.77 RushStreetInt RSI ... dd 3.29 +0.18 ... 65.97 51.52 SonocoProducts SON 3.4 12 60.15 –0.47 .51 19.60 6.73 Telephone&Data TDS 9.3 dd 7.93 –2.07 .185
34.88 15.44 OnHolding ONON ... cc 33.91 +1.46 ... 123.87 91.86 Polaris PII 2.5 10 105.24 –3.41 .65 46.40 32.13 RyanSpecialty RYAN ... 74 42.15 +1.29 ... 95.70 61.72 Sony SONY .4 17 93.86 +4.19.2579 44.28 20.03 TempurSealy TPX 1.2 14 36.31 –1.16 .11
28.32 20.32 OneLiberty OLP 8.6 12 20.98 –1.04 .45 10.45 9.79 PontemA PNTM ... 26 10.44 +0.06 ... 102.36 65.69 RyderSystem R 3.0 5 82.85 +3.69 .62 80.57 60.71 Southern SO 3.7 24 74.94 +1.39 .70 11.16 9.71 10XCapIII A VCXB ... cc 10.35 +0.01 ...
23.00 4.50 OneConnectFin OCFT ... dd 4.96 –0.20 ... 56.37 41.58 PortlandGenElec POR 3.7 19 51.35 +0.73.475 41.89 18.68 RyersonHolding RYI 2.0 5 34.49 –3.28 .18 82.05 42.42 SoCopper SCCO 4.1 23 79.21 +2.381.00 38.00 22.24 Tenaris TS .0 5 27.31 –1.40 .68
46.99 28.77 OneMain OMF 11.2 6 35.76 –2.611.00 98.84 74.09 PostHoldings POST ... 14 90.14 –0.35 ... 97.29 70.47 RymanHospitality RHP 1.6 25 93.94 +4.281.00 10.90 9.86 SouthportAcqnA PORT ... 17 10.42 +0.02 ... 9.29 3.14 TencentMusic TME ... 22 7.31 –0.10 ...
89.75 56.02 OntoInnovation ONTO ... 19 86.32 +5.34 ... 10.59 9.65 PostHldgsA PSPC ... 38 10.17 +0.01 ...
S 46.80 28.81 SouthwestAir LUV 2.4 30 29.66 –0.63 .18 76.09 36.69 TenetHealthcare THC ... 18 69.35 –3.97 ...
16.77 10.82 Ooma OOMA ... dd 11.98 –0.32 ... 17.28 14.13 PostalRealty PSTL 6.3 99 15.04 –0.33.2375 95.62 53.79 SouthwestGas SWX 4.4 dd 56.27 +0.27 .62 80.52 54.90 Tennant TNC 1.4 18 78.31 +1.89.265
49.32 28.41 Oppenheimer A OPY 1.6 12 36.93 –0.46 .15 26.05 10.60 PowerSchool PWSC ... dd 16.49 –4.39 ... 137.32 78.22 SAP SAP 1.2 75 134.76 –0.512.1864 9.87 4.57 SouthwesternEner SWN ... 1 4.74 –0.45 ... 45.39 28.65 Teradata TDC ... cc 44.55 +5.84 ...
3.72 1.70 OppFi OPFI ... dd 2.06 +0.16 ... 87.36 44.60 PrecisionDrilling PDS ... 11 48.64 –1.09 ... 395.80 279.32 S&P Global SPGI 1.0 42 354.19 –8.39 .90 91.26 38.93 SpectrumBrands SPB 2.4 62 70.37 +3.87 .42 60.85 26.64 Terex TEX 1.3 9 47.87 +3.28 .15
97.31 60.78 Oracle ORCL 1.6 32 96.97 +2.25 .40 67.45 48.51 PrestigeCnsHlth PBH ... dd 60.76 –0.77 ... 10.51 9.72 SDCLEDGEAcqn SEDA ... 54 10.36 ... ... 33.32 18.00 SphereEnt SPHR ... dd 31.28 +3.14 ... 6.68 1.29 TerranOrbital LLAP ... dd 1.70 –0.08 ...
13.08 8.81 Orange ORAN 4.4 17 12.89 –0.13.3142 10.69 9.89 PrimeImpactI A PIAI ... 49 10.52 +0.03 ... 11.60 4.90 SeacorMarine SMHI ... dd 8.46 +0.12 ... 2.00 0.57 SpireGlobal SPIR ... dd .62 –0.08 ... 67.63 50.36 TerrenoRealty TRNO 2.6 24 62.29 +0.70 .40
16.40 7.95 OrchidIsland ORC 19.6 dd 9.82 –0.88 .16 195.69 110.22 Primerica PRI 1.4 19 182.12 –0.39 .65 78.86 61.52 Spire SR 4.1 15 69.56 +1.83 .72
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
39.09 20.96 Organon OGN 5.0 8 22.52 –2.11 .28 7.79 1.41 SES AI SES ... dd 1.49 –0.14 ... 5.82 2.43 TetraTech TTI ... 72 2.92 +0.07 ...
16.47 12.15 PrimoWater PRMW 2.2 55 14.32 –0.87 .08 11.60 8.43 SFL SFL 10.9 ... 8.83 –0.26 .24 38.55 21.14 SpiritAeroSys SPR .2 dd 24.54 –5.22 .01 11.45 6.78 TevaPharm TEVA ... dd 8.77 +0.04 ...
26.91 12.87 OrionEngCarbons OEC .3 14 25.00 +0.79.0207 28.20 15.90 PrimorisSvcs PRIM 1.0 10 24.44 –0.86 .06 8.25 3.12 SignaSports SSU ... dd 3.27 –0.04 ... 25.68 15.90 SpiritAirlines SAVE .0 dd 16.32 –0.78 .10 2739.00 1250.01 TexasPacLand TPL .9 25 1412.15 –65.503.25
3.35 2.10 OrionGroup ORN ... dd 2.61 +0.23 ... 24.74 16.90 ProAssurance PRA 1.1 dd 18.41 +0.45 .05 16.09 10.42 SITE Centers SITC 4.3 16 12.13 –0.21 .13 44.93 34.31 SpiritRealtyCap SRC 6.8 17 39.16 +0.70.663 36.97 25.47 Textainer TGH 3.4 6 34.97 –0.13 .30
13.74 5.61 OrionOffice ONL 6.3 dd 6.31 +0.17 .10 68.56 40.00 ProcoreTech PCOR ... dd 56.35 +2.94 ... 83.88 55.74 SJW Group SJW 2.0 29 76.65 +0.73 .38 145.88 69.29 Spotify SPOT ... dd 141.75 +8.15 ... 76.11 57.11 Textron TXT .1 16 66.15 –0.79 .02
97.26 68.78 Orix IX 3.3 8 85.94 +0.631.5643 158.11 122.18 Procter&Gamble PG 2.4 27 156.03 –0.35.9407 26.81 18.26 SK Telecom SKM 5.6 11 20.34 +0.58.7123 11.23 9.91 SpreeAcqn1 A SHAP ... dd 10.46 –0.05 ... 611.06 475.77 ThermoFisher TMO .3 36 546.38 –8.52 .35
101.81 67.28 OrmatTech ORA .6 73 84.99 –0.82 .12 149.87 106.95 Progressive PGR .3 92 129.52 –6.88 .10 69.35 19.06 SLGreenRealty SLG 14.4 dd 22.62 –1.05.2708 13.64 7.25 Sprinklr CXM ... dd 11.21 –0.75 ... 27.85 13.26 Thermon THR ... 21 21.26 +0.48 ...
8.08 2.05 OscarHealth OSCR ... dd 7.17 +0.44 ... 144.77 98.03 Prologis PLD 2.7 39 127.25 +2.00 .87 54.97 24.66 SM Energy SM 1.1 3 26.92 –1.16 .15 45.88 29.76 Sprott SII 2.9 52 34.95 –1.07 .25 133.56 91.55 ThomsonReuters TRI 1.6 50 119.76 –11.75 .49
106.66 69.30 Oshkosh OSK 2.2 20 75.97 –0.55 .41 7.77 4.03 PropertyGuru PGRU ... dd 4.50 –0.08 ... 24.99 2.54 SOS SOS ... dd 3.95 –0.17 ... 1.60 0.55 SprucePower SPRU ... dd .64 –0.06 ... 105.36 66.26 ThorIndustries THO 2.2 6 82.13 +3.11 .45
10.29 9.71 OsirisAcqn OSI ... 41 9.96 +0.01 ... 14.34 6.33 ProPetro PUMP ... 46 6.76 –0.18 ... 78.30 44.13 SPX Tech SPXC ... cc 74.10 +10.42 ... 33.41 14.43 Squarespace SQSP ... dd 27.48 –3.62 ... 13.52 7.02 3D Systems DDD ... dd 9.13 –0.03 ...
10.08 3.84 OsiskoDevelopment ODV ... dd 5.39 +0.02 ... 78.76 56.72 ProsperityBcshs PB 3.6 11 61.68 –0.94 .55 4.02 0.53 SQZ Biotech SQZ ... dd .64 –0.01 ... 51.26 31.11 St.Joe JOE 1.0 36 42.00 +0.90 .10 154.04 100.16 3M MMM 5.8 11 103.35 –2.87 1.50
17.96 9.20 OsiskoGold OR .9 cc 17.51 +1.25.0405 53.00 22.04 ProtoLabs PRLB ... dd 31.44 +2.67 ... 37.15 26.56 STAG Indl STAG 4.2 36 35.15 +1.28.1225 48.24 31.61 StandardMotor SMP 3.1 12 36.89 +0.88 .29 51.88 17.51 Tidewater TDW ... dd 43.19 –1.84 ...
87.33 62.49 OtisWorldwide OTIS 1.6 28 85.96 +0.66 .34 25.61 14.54 ProvidentFinSvcs PFS 6.1 7 15.78 –1.70 .24 10.45 9.82 ST Ener I A STET ... 15 10.44 ... ... 130.37 79.02 StandexInt SXI .9 12 129.27 +6.46 .28 10.35 6.65 Tilly's TLYS ... 23 7.73 +0.22 ...
32.15 3.21 Ouster OUST ... dd 4.16 +0.62 ... 110.96 75.37 PrudentialFin PRU 6.1 cc 82.05 –4.95 1.25 91.10 54.29 SabineRoyalty SBR 12.3 8 70.70 –4.43.499 127.31 70.24 StanleyBlackDck SWK 3.7 18 85.47 –0.87 .80 89.40 50.85 Timken TKR 1.6 14 76.79 –0.06 .31
23.55 14.48 OutfrontMedia OUT 8.0 22 14.93 –1.73 .30 34.37 18.20 Prudential PUK ... 40 30.26 –0.39 ... 5.12 2.35 SafeBulkers SB 5.5 3 3.61 –0.05 .05 61.61 40.92 Stantec STN 1.0 36 60.92 +0.87.1435 26.23 14.09 TimkenSteel TMST ... 16 17.29 +0.55 ...
4.02 1.90 OverseasShip OSG ... 13 3.92 +0.08 ... 70.08 52.51 PublicServiceEnt PEG 3.6 14 63.82 +0.62 .57 51.44 23.46 Safehold 11.1 dd 28.04 +0.32.3546 12.60 6.45 Starrett A SCX ... 5 10.14 –0.54 ... 19.81 9.23 TItanIntl TWI ... 4 10.06 +0.30 ...
63.30 32.26 Ovintiv OVV 3.5 2 34.69 –1.39 .30 357.13 270.13 PublicStorage PSA 4.1 13 295.91 +1.083.00 200.12 126.34 Salesforce CRM ... cc 197.59 –0.78 ... 4.53 2.60 Startek SRT ... dd 3.05 –0.24 ... 26.04 11.91 Toast TOST ... dd 18.43 +0.23 ...
38.25 11.79 Owens&Minor OMI ... 66 18.63 +3.09 ... 67.40 35.03 PulteGroup PHM 1.0 6 67.02 –0.13 .16 18.42 10.95 SallyBeauty SBH ... 8 11.67 –2.56 ... 24.44 16.06 StarwoodProp STWD11.5 9 16.76 –1.13 .48 64.89 39.53 Toll Bros TOL 1.3 6 63.48 –0.43 .21
108.67 72.97 OwensCorning OC 2.0 8 104.86 –1.95 .52 32.45 21.90 PureStorage PSTG ... cc 22.64 –0.19 ... 22.59 8.42 Samsara IOT ... dd 18.03 –0.02 ... 94.74 58.62 StateStreet STT 3.7 10 68.50 –3.76 .63 46.11 30.14 TootsieRoll TR .9 36 38.75 –2.13 .09
13.88 10.18 OwlRock ORCC10.6 11 12.51 –0.47 .33 10.85 9.95 PyrophyteAcqn PHYT ... 23 10.55 –0.03 ... 15.43 6.64 SanJuanBasin SJT 28.9 4 7.37 –0.25.1038 47.62 38.00 SteelPartners SPLP ... 5 42.37 +1.14 ... 227.08 140.66 TopBuild BLD ... 12 215.07 –10.41 ...
5.35 0.30 Owlet OWLT ... dd .32 +0.01 ... 55.29 18.91 Q2Holdings QTWO ... dd 22.35 –2.27 ... 29.28 12.62 SandRidgeEnergy SD ... 2 14.23 +0.06 ... 12.43 6.20 Steelcase SCS 5.2 26 7.62 –0.38 .10 25.96 16.80 TopgolfCallaway MODG ... 30 22.34 +0.17 ...
123.37 77.81 OxfordIndustries OXM 2.5 10 104.87 +1.68 .65 51.18 40.38 Qiagen QGEN ... 25 45.98 +1.37 ... 7.07 4.51 SandstormGold SAND 1.0 16 6.12 +0.37 .015 18.97 11.37 Stellantis STLA ... 3 16.30 –0.33 ... 117.66 71.86 Toro TTC 1.3 23 105.91 +1.65 .34
5.39 2.12 QuadGraphics QUAD ... dd 2.82 –0.67 ... 18.02 3.72 Stem STEM ... dd 4.45 +0.22 ...
PQ 28.00 20.16 SaratogaInvt SAR 10.0 12 24.34 –0.10 .69 77.15 55.43 TorontoDomBk TD 4.5 10 62.25 +1.62.7097
216.45 129.06 QuakerHoughton KWR .8 dd 208.64 +22.01.435 28.37 12.00 Sasol SSL 7.9 3 12.63 –0.39.3871 116.72 87.11 Stepan SCL 1.6 18 92.00 –0.20.365 8.29 2.19 Torrid CURV ... 8 3.73 +0.31 ...
49.00 24.63 PBF Energy PBF 2.5 1 32.01 –2.85 .20 27.04 18.00 QuanexBldg NX 1.6 8 19.72 +0.62 .08 52.94 32.13 SaulCenters BFS 7.0 21 33.67 –2.36 .59 236.10 159.21 Steris STE 1.0 dd 189.18 +0.63 .47 10.40 9.62 TortoiseEcoIII A TRTL ... 31 10.30 +0.01 ...
17.46 9.64 PG&E PCG ... 20 17.27 +0.16 ... 171.94 106.33 QuantaServices PWR .2 50 171.07 +1.43 .08 59.45 30.65 Schlumberger SLB 2.2 17 45.75 –3.60 .25 29.23 13.36 Stevanato STVN .2 48 26.85 +0.34.0546 65.05 44.61 TotalEnergies TTE ... 7 61.92 –2.01 ...
26.93 15.42 PGT Innovations PGTI ... 16 25.63 –0.03 ... 10.95 9.83 QuantumFin QFTA ... 23 10.25 +0.01 ... 30.93 20.26 SchneiderNatl SNDR 1.3 10 26.68 +0.51 .09 58.84 35.96 StewartInfo STC 4.3 12 42.05 +0.40 .45 11.13 7.05 TownsquareMedia TSQ 7.7 14 9.75 +0.29.1875
4.98 2.33 PHX Minerals PHX 3.4 6 2.63 –0.08.0225 15.19 5.11 QuantumScape QS ... dd 6.39 –0.61 ... 86.63 45.00 SchwabC SCHW 2.0 13 49.24 –3.00 .25 68.77 49.31 StifelFinancial SF 2.5 11 57.97 –2.00 .36 174.31 130.07 ToyotaMotor TM 2.6 10 137.54 +0.211.7621
83.17 59.61 PJT Partners PJT 1.6 20 62.19 –6.58 .25 2.18 0.69 Qudian QD ... dd 1.27 +0.01 ... 117.94 79.33 ScienceApplicat SAIC 1.5 19 101.08 –0.95 .37 53.53 28.35 STMicroelec STM .5 9 42.58 –0.30 .06 6.00 2.48 Traeger COOK ... dd 2.89 –0.15 ...
39.00 20.20 PLDT PHI 5.3 24 22.54 +0.93.2567 158.34 120.40 QuestDiag DGX 2.1 20 136.51 –2.30 .71 64.20 23.62 ScorpioTankers STNG 1.7 3 46.99 –5.26 .25 25.87 15.62 Stoneridge SRI ... dd 16.34 –2.49 ... 10.78 9.73 TrajectoryAlphaA TCOA ... cc 10.28 ... ...
176.47 111.84 PNC Fin PNC 5.2 8 116.18 –14.07 1.50 4.90 1.68 QuotientTech QUOT ... dd 2.86 +0.04 ... 108.00 39.06 ScottsMiracleGro SMG 4.0 dd 66.44 –0.37 .66 47.35 30.66 Stride LRN ... 16 41.18 –1.78 ... 196.22 120.64 TraneTech TT 1.7 23 176.81 –9.00 .75
49.60 43.43 PNM Resources PNM 3.0 25 48.39 +0.26.3675 R 10.34 6.11 ScullyRoyalty SRL 10.2 87 7.72 –0.35 .17 306.56 188.84 Stryker SYK 1.1 41 284.71 –14.94 .75 11.85 7.55 Transalta TAC 1.7 cc 9.52 +0.60.0404
80.03 36.53 POSCO PKX 1.7 9 72.46 +1.34 .971 10.62 9.87 SculptorAcqnIA SCUA ... 18 10.49 +0.01 ... 9.57 1.52 StudioCity MSC ... dd 6.16 –1.26 ... 47.76 34.96 TrancntlRlty TCI ... 1 35.38 –1.07 ...
145.51 107.06 PPG Ind PPG 1.8 26 138.03 –2.23 .62 264.94 152.90 RBC Bearings RBC ... 56 226.25 –0.76 ... 12.74 7.90 SculptorCapMgmt SCU 5.3 dd 8.50 +0.17 .06 69.90 49.50 SturmRuger RGR 3.7 13 54.09 –3.47 .32 779.45 499.63 TransDigm TDG .0 52 767.19 +2.1918.50
31.74 23.47 PPL PPL 3.3 29 28.75 +0.03 .24 10.79 9.90 RCF Acqn A RCFA ... 30 10.52 +0.03 ... 93.70 40.67 Sea SE ... dd 78.41 +2.24 ... 17.62 14.40 SuburbanPropane SPH 8.5 6 15.24 –0.48.325 7.74 2.32 Transocean RIG ... dd 6.16 +0.26 ...
31.60 12.11 ProgHoldings PRG ... 12 29.57 –0.66 ... 33.89 23.39 RELX RELX 2.1 29 30.55 –2.56.4661 17.37 10.03 SeabridgeGold SA ... dd 15.79 +1.75 ... 9.18 5.39 SumitomoMits SMFG 3.3 9 8.21 ....1407 12.78 4.58 TransportadGas TGS ... 9 11.75 +0.37 ...
10.45 9.85 ProofAcqnIA PACI ... cc 10.45 +0.01 ... 28.25 16.78 RE/MAX RMAX 4.8 78 19.11 –0.20 .23 45.48 22.00 SeaDrill SDRL ... 0 37.17 +0.79 ... 9.48 6.07 SummitHotelProp INN 3.6 dd 6.76 +0.32 .06 90.08 50.32 TransUnion TRU .6 47 64.69 –4.12 .105
31.67 18.09 PROS PRO ... dd 27.18 –1.19 ... 16.38 9.50 REV REVG 1.9 cc 10.61 –0.12 .05 66.06 41.15 SealedAir SEE 1.9 15 42.54 –5.45 .20 34.40 21.62 SummitMaterials SUM ... 13 29.87 +2.46 ... 53.80 33.57 Travel+Leisure TNL 5.0 8 35.93 –2.34 .45
13.78 8.75 P10 PX 1.2 42 10.14 –0.19 .03 351.53 207.37 RH RH ... 13 261.72 +6.59 ... 68.19 40.01 SeaWorldEnt SEAS ... 13 55.16 +1.50 ... 21.49 11.52 SummitMidstream SMLP ... dd 15.31 –0.02 ... 194.51 149.65 Travelers TRV 2.2 16 182.30 +1.161.00
94.51 43.49 PVH PVH .2 28 83.61 –2.20.0375 149.65 100.96 RLI RLI .8 10 137.30 –1.75 .27 9.84 5.52 SelectEnergySvcs WTTR 2.7 14 7.44 +0.01 .05 172.67 117.63 SunComms SUI 2.7 79 136.74 –2.19 .93 12.67 8.56 Tredegar TG 5.5 11 9.42 +0.04 .13
163.45 110.56 PackagingCpAm PKG 3.7 13 135.37 +0.11 1.25 14.33 9.27 RLJ Lodging RLJ 3.0 41 10.74 +0.64 .08 32.31 18.86 SelectMedical SEM 1.6 25 30.75 +0.25 .125 51.63 37.96 SunLifeFinancial SLF 4.4 12 48.66 –0.42.5455 54.58 30.06 TreeHouseFoods THS ... dd 54.26 +1.01 ...
35.33 19.51 PagerDuty PD ... dd 28.70 –1.36 ... 3.06 0.90 RLX Tech RLX ... 15 2.44 –0.02 ... 3.25 0.51 SelectQuote SLQT ... dd 1.35 +0.29 ... 10.43 5.72 SunCokeEnergy SXC 4.2 7 7.71 –0.07 .08 67.78 38.68 Trex TREX ... 34 55.23 +0.57 ...
19.49 7.51 PagSeguroDig PAGS ... 12 10.77 +0.93 ... 11.40 5.70 RPC RES 1.7 6 7.00 –0.39 .04 176.47 136.54 Sempra SRE 3.1 20 154.92 –0.57 1.19 42.72 26.43 SuncorEnergy SU 5.1 6 29.65 –1.67.3589 29.49 14.59 TriPointe TPH ... 5 29.30 +0.62 ...
11.62 5.92 PalantirTech PLTR ... dd 7.41 –0.34 ... 106.50 74.56 RPM RPM 2.1 20 81.21 –0.82 .42 15.00 7.16 Semrush SEMR ... dd 9.58 –0.08 ... 15.40 2.16 SunlandsTech STG .0 1 6.38 –0.92 .63 13.16 7.19 TriconRes TCN 2.9 3 8.06 +0.03.058
38.23 18.71 PampaEnergia PAM ... 5 34.13 –0.01 ... 13.00 7.28 RPT Realty RPT 6.1 12 9.24 –0.06 .14 20.98 10.50 SendasDistrib ASAI 1.9 12 10.61 –1.66.0358 4.89 0.25 SunlightFinl SUNL ... dd .40 –0.04 ... 95.61 60.61 TriNet TNET ... 17 91.51 –1.27 ...
24.86 13.40 PanAmerSilver PAAS 2.2 dd 18.12 +0.31 .10 25.50 14.75 RXO RXO ... 43 19.45 +1.36 ... 54.34 36.64 SensataTechs ST 1.2 17 41.56 –1.89 .12 31.47 12.46 SunnovaEnergy NOVA ... dd 15.75 –2.21 ... 31.68 20.07 TrinityIndustries TRN 4.8 26 21.53 –2.42 .26
30.49 12.91 ParPacific PARR ... 2 20.66 –2.77 ... 24.79 17.84 RadianGroup RDN 3.6 6 24.79 +0.52.225 89.34 63.17 SensientTech SXT 2.2 23 75.80 +1.34 .41 48.59 34.26 Sunoco SUN 7.7 12 43.75 –1.69.842 49.29 14.72 Trinseo TSE 3.2 dd 17.48 –0.64 .14
47.03 20.37 ParTechnology PAR ... dd 29.34 –1.25 ... 2.74 1.55 Rafael RFL ... dd 1.96 –0.14 ... 30.00 12.69 SentinelOne S ... dd 16.89 +0.82 ... 12.72 8.60 SunstoneHotel SHO 2.0 30 10.22 +0.69 .05 17.33 10.36 TripleFlagPrecMtl TFPM 1.2 49 17.22 +1.00 .05
May 8, 2023 BARRON’S 41
20.15 8.39 UnivInsurance UVE 4.1 dd 15.58 +0.16 .16 54.38 34.49 Wiley A WLY 3.9 dd 35.92 –2.65.3475 105.60 80.30 AEP AEP 3.6 24 92.11 –0.31 .83 15.56 10.97 AstroNova ALOT ... 41 14.70 –0.01 ...
109.57 54.57 AdvMicroDevices AMD ... cc 89.84 +0.47 ... 38.83 25.26 AmNtlBcsh AMNB 4.5 8 26.65 –2.24 .30
10.01 5.27 UnvlTechInst UTI ... 41 6.17 –0.89 ... 54.58 34.46 Wiley B WLYB 3.8 dd 36.60 –0.73.3475 9.34 2.32 AtaraBiotherap ATRA ... dd 2.91 +0.20 ...
5.65 1.13 AdvantageSolns ADV ... dd 1.23 –0.05 ... 12.36 7.10 AmOutdoorBrands AOUT ... dd 8.53 –0.41 ...
46.64 31.12 UnumGroup UNM 3.0 6 44.18 +1.98 .33 37.97 27.80 Williams WMB 5.9 14 30.18 –0.08.4475 9.79 2.94 AteaPharm AVIR ... dd 3.35 +0.08 ...
1.82 0.53 AdverumBiotech ADVM ... dd .81 +0.02 ... 19.00 3.78 AmericanPubEdu APEI ... dd 5.34 –0.36 ...
9.50 1.27 UpHealth UPH ... dd 1.84 +0.11 ... 176.89 101.58 Williams-Sonoma WSM 3.0 7 118.33 –2.71 .90 23.80 0.98 Athenex ATNX ... dd 1.36 +0.08 ...
1.64 0.14 AegleaBioTherap AGLE ... dd .16 –0.01 ... 19.34 11.63 AmerSoftware AMSWA 3.5 38 12.54 +0.60 .11
19.71 12.91 UrbanEdgeProp UE 4.4 37 14.61 –0.06 .16 70.53 43.05 Winnebago WGO 1.8 6 59.23 +1.09 .27 10.69 2.22 AthiraPharma ATHA ... dd 2.96 +0.17 ...
11.50 1.16 Aemetis AMTX ... dd 1.87 –0.35 ... 6.65 3.20 AmerSupercond AMSC ... dd 3.90 –0.15 ... 3.49 2.10 AtlanticAmerican AAME ... 19 2.29 +0.11 ...
22.80 14.76 UrstadtBiddle UBP 5.8 22 15.52 –0.46.225 6.31 4.32 Wipro WIT 1.5 18 4.63 –0.07.1225 30.79 10.52 AerovateTherap AVTE ... dd 22.01 +1.04 ... 60.78 40.70 AmericanWoodmark AMWD ... 11 50.34 –0.18 ... 11.12 9.79 AtlCoastal II A ACAB ... cc 10.29 –0.04 ...
19.36 15.07 UrstadtProp A UBA 5.9 24 17.02 –0.20 .25 6.56 4.60 WisdomTree WT 1.8 15 6.55 +0.31 .03 109.22 70.08 AeroVironment AVAV ... dd 102.82 +2.13 ... 127.05 52.24 AmerCarMart CRMT ... 12 82.46 +2.07 ... 36.35 24.42 AtlanticaSust AY 7.1 dd 24.85 –1.77.445
19.98 12.06 UtzBrands UTZ 1.3 dd 18.11 –0.80.057 125.48 39.47 Wolfspeed WOLF ... dd 40.97 –5.58 ... 10.82 9.88 AetheriumAcqnA GMFI ... dd 10.48 –0.03 ... 54.24 28.33 AmerisBancorp ABCB 2.0 7 30.53 –2.97 .15 44.67 21.65 Atlanticus ATLC ... 5 28.30 –0.86 ...
24.08 9.60 WolverineWwide WWW 2.7 dd 14.99 –1.75 .10 3.77 0.55 Affimed AFMD ... dd .88 –0.02 ... 4.12 2.85 AmeriServFin ASRV 4.2 8 2.89 –0.09 .03
V 300.29 113.86 Atlassian TEAM ... dd 135.73 –11.93 ...
26.93 19.11 WoodsideEnergy WDS10.9 6 22.79 +0.031.44 40.97 8.62 AffirmHldgs AFRM ... dd 10.71 +0.85 ... 296.67 223.30 Amgen AMGN 3.6 16 236.53 –3.21 2.13 243.99 0.47 AtlisMotor AMV ... dd .53 +0.03 ...
37.81 22.18 WooriFin WF 8.1 3 26.82 +0.231.7502 17.02 8.73 Afya AFYA ... 14 11.36 –0.15 ... 13.84 5.91 AmicusTherap FOLD ... dd 12.15 +0.61 ...
51.40 20.03 VF VFC 5.4 21 22.12 –1.39 .30 29.40 11.02 AtourLifestyle ATAT ... cc 19.72 –1.72 ...
104.76 59.43 Workiva WK ... dd 89.15 –4.27 ... 88.16 31.49 Agilysys AGYS ... cc 77.45 –0.59 ... 31.38 14.89 AmkorTech AMKR 1.4 8 21.59 –0.78 .075
4.06 1.25 ViaOptronics VIAO ... dd 2.76 +0.09 ... 2.80 0.76 Atreca BCEL ... dd 1.00 ... ...
30.65 19.29 WorldFuelSvcs INT 2.4 13 23.18 –0.46 .14 34.76 16.75 AgiosPharm AGIO ... dd 25.54 +2.67 ... 44.15 26.76 AmphastarPharm AMPH ... 21 36.49 +0.72 ...
35.69 26.42 VICI Prop VICI 4.8 23 32.81 –1.13 .39 52.96 32.51 AtriCure ATRC ... dd 48.34 +4.35 ...
7.60 2.50 Agora API ... dd 3.36 +0.01 ... 13.45 6.66 AmtechSystems ASYS ... 9 9.05 +0.42 ...
13.84 6.47 Vizio VZIO ... ... 8.36 –0.21 ... 110.24 55.09 WW Ent WWE .4 55 106.86 –0.31 .12 705.74 534.99 Atrion ATRI 1.4 31 608.80 –6.50 2.15
10.70 9.86 AhrenAcqnA AHRN ... 29 10.48 +0.01 ... 41.93 6.51 AmylyxPharm AMLX ... dd 29.04 +0.64 ...
65.17 38.01 WorthingtonInds WOR 2.1 14 58.24 –1.15 .31 31.15 21.77 AuburnNatlBncp AUBN 4.9 8 21.94 –0.56 .27
13.70 5.75 VOC Energy VOC 15.3 6 7.87 –0.36 .23 28.95 14.01 AirT AIRT ... 67 24.80 +0.90 ... 4.86 0.70 Amyris AMRS ... dd .76 –0.06 ...
83.76 58.82 WyndhamHtls WH 2.0 19 68.31 +0.09 .35 24.58 9.67 AudioCodes AUDC 3.6 11 9.95 –0.25 .18
5.48 2.66 VTEX VTEX ... ... 3.79 +0.29 ... 34.00 14.83 AirTransportSvcs ATSG ... 8 14.93 –5.38 ... 198.25 133.48 AnalogDevices ADI 1.9 28 183.39 +3.51 .86 24.83 8.13 AuraBiosciences AURA ... dd 9.71 +0.67 ...
51.00 29.55 V2X VVX ... cc 43.15 –0.05 ... XYZ 144.63 81.91 Airbnb ABNB ... 43 119.90 +0.23 ... 32.44 18.20 AnaptysBio ANAB ... dd 21.90 +1.08 ... 10.65 9.83 AuraFatProjectsA AFAR ... 84 10.65 +0.09 ...
8.77 3.88 VaalcoEnergy EGY 3.7 6 4.27 –0.01.0625 11.75 2.69 AirSculptTech AIRS .0 dd 5.07 +0.17 .41 15.24 7.13 AnavexLifeSci AVXL ... dd 8.44 +0.30 ... 13.42 4.07 AuriniaPharm AUPH ... dd 11.56 +0.31 ...
269.50 201.91 VailResorts MTN 3.5 29 238.27 –2.252.06 4.50 1.62 XFinancial XYF ... 2 3.34 –0.14 ... 102.83 70.65 AkamaiTech AKAM ... 26 78.56 –3.41 ... 46.48 29.35 Andersons ANDE 2.0 12 37.48 –7.22 .185 3.15 0.56 AuroraCannabis ACB ... dd .66 +0.06 ...
80.00 37.17 Valaris VAL ... 16 57.04 –2.96 ... 49.00 24.75 XPO XPO ... 29 47.90 +3.72 ... 54.88 7.52 AkeroTherap AKRO ... dd 45.13 +0.39 ... 8.50 0.72 Anghami ANGH ... ... 1.40 –0.18 ... 4.28 1.10 AuroraInnov AUR ... dd 1.46 +0.03 ...
19.31 11.72 Vale VALE 7.5 4 13.90 –0.51.347 19.82 11.74 XeniaHotels XHR 3.1 22 12.87 +0.21 .10 16.57 6.63 Akoya AKYA ... dd 6.85 –0.11 ... 6.31 1.81 Angi ANGI ... dd 2.44 +0.14 ... 1.19 0.35 AuroraMobile JG ... dd .35 –0.05 ...
78.99 44.92 Alarm.com ALRM ... 43 45.63 –2.06 ... 24.74 8.18 AngioDynamics ANGO ... dd 8.72 +0.40 ...
5.99 2.36 ValensSemicon VLN ... dd 2.38 –0.22 ... 11.90 2.95 XinyuanRealEst XIN ... dd 5.11 +1.69 ... 11.23 9.54 AuroraTechA ATAK ... 41 10.47 –0.04 ...
4.01 0.45 AlaunosTherap TCRT ... dd .59 +0.02 ... 2.04 0.46 AngionBiomed ANGN ... dd .76 ... ...
150.39 96.93 ValeroEnergy VLO 3.8 3 107.04 –7.63 1.02 35.35 6.18 XPeng XPEV ... dd 10.40 +0.90 ... 0.17 0.05 AuroraTechRt ATAKR ... ... .13 –0.01 ...
13.50 5.76 Alector ALEC ... dd 7.41 +0.81 ... 32.51 19.95 AnikaTherap ANIK ... dd 25.87 +0.21 ...
54.06 14.68 Valhi VHI 2.1 5 15.27 –0.26 .08 26.00 8.15 Xperi XPER ... ... 9.29 –0.20 ... 235.01 163.20 Autodesk ADSK ... 52 194.94 +0.15 ...
10.06 5.64 AlgomaSteel ASTL 2.8 3 7.16 –0.23 .05 7.65 2.46 Annexon ANNX ... dd 5.27 –0.04 ...
353.36 213.27 ValmontInds VMI .8 24 290.04 –0.52 .60 33.58 11.20 XponentialFit XPOF ... dd 29.66 –3.42 ... 3.79 1.60 AutolusTherap AUTL ... dd 1.89 +0.08 ...
43.26 22.65 Alico ALCO .9 dd 23.49 –0.07 .05 94.45 33.32 ApellisPharm APLS ... dd 93.18 +9.75 ...
37.33 24.40 Valvoline VVV 1.5 15 34.20 –0.35 .125 118.58 72.08 Xylem XYL 1.2 53 108.97 +5.13 .33 274.92 196.61 ADP ADP 2.3 28 215.48 –4.52 1.25
368.87 172.05 AlignTech ALGN ... 78 313.64 –11.66 ... 49.65 35.96 ApogeeEnt APOG 2.4 9 40.07 –2.49 .24
4.20 0.41 Vapotherm VAPO ... dd .60 +0.13 ... 55.15 27.86 Yeti YETI ... 42 43.49 +4.04 ... 15.78 1.05 AvadelPharm AVDL ... dd 14.96 +4.48 ...
19.17 4.88 AlignmentHlthcr ALHC ... dd 6.89 +0.60 ... 49.00 3.71 ApollomicsA APLM ... dd 4.40 –0.24 ...
14.39 8.64 VectorGroup VGR 6.4 12 12.44 –0.30 .20 13.11 2.82 YPF YPF ... 2 11.39 +0.27 ... 10.95 9.94 AvalonAcqn AVAC ... 33 10.52 +0.01 ...
2.41 0.84 AligosTherap ALGS ... dd 1.24 +0.08 ... 148.17 79.92 AppFolio APPF ... dd 137.14 –2.48 ...
232.26 151.02 VeevaSystems VEEV ... 60 179.10 +0.02 ... 5.57 3.00 Yalla YALA ... 8 3.60 +0.02 ... 30.23 15.69 Avantax AVTA ... dd 24.11 –1.26 ...
7.92 1.30 AlimeraSciences ALIM ... dd 1.90 +0.07 ... 4.84 0.42 AppHarvest APPH ... dd .48 +0.02 ... 3.15 0.67 AveannaHealth AVAH ... dd 1.08 –0.15 ...
5.96 1.28 Velo3D VLD ... 14 2.06 –0.28 ... 2.20 0.39 YatsenHolding YSG ... dd .98 –0.03 ... 17.71 9.23 AlkamiTech ALKT ... dd 12.18 +0.19 ... 59.90 29.80 Appian APPN ... dd 33.96 –3.59 ... 6.13 3.40 AvePoint AVPT ... dd 4.48 +0.14 ...
13.60 7.81 VelocityFinl VEL ... 8 8.99 –0.13 ... 39.27 25.30 Yelp YELP ... 56 27.88 –2.04 ... 32.23 21.75 Alkermes ALKS ... dd 29.45 +0.90 ... 176.15 124.17 Apple AAPL .5 30 173.57 +3.89 .23 39.80 21.15 AviatNetworks AVNW ... 26 28.03 –4.78 ...
2.78 0.30 VenatorMaterials VNTR ... dd .32 –0.02 ... 9.88 4.00 Yext YEXT ... dd 7.99 –0.79 ... 8.73 2.54 Allakos ALLK ... dd 4.26 +0.01 ... 5.00 0.85 AppliedDigital APLD ... dd 3.39 +0.19 ... 33.41 20.83 AvidTechnology AVID ... 22 22.11 –7.40 ...
58.24 35.33 Ventas VTR 3.8 dd 47.85 –0.20 .45 3.85 0.67 YirenDigital YRD ... ... 2.58 +0.46 ... 118.30 0.36 AllarityTherap ALLR ... dd .41 –0.03 ... 125.62 71.12 ApplMaterials AMAT 1.1 16 116.06 +3.03 .32 25.74 9.83 AvidityBio RNA ... dd 11.58 –0.82 ...
17.69 10.22 VerisResidential VRE ... dd 16.34 –0.01 ... 10.00 3.03 Youdao DAO ... dd 6.53 +0.34 ... 6.06 1.03 Allbirds BIRD ... dd 1.31 +0.06 ... 4.64 0.21 AppliedMolecular AMTI ... dd .27 –0.02 ... 11.86 5.86 AvidXchange AVDX ... dd 8.04 +0.61 ...
161.84 94.50 Veritiv VRTV 2.3 5 109.45 –5.42 .63 143.25 103.97 Yum!Brands YUM 1.8 32 137.49 –3.09.605 156.01 62.94 AllegiantTravel ALGT ... 30 106.85 +2.94 ... 4.00 1.48 AppliedOptoelec AAOI ... dd 1.67 –0.28 ... 270.01 131.83 AvisBudget CAR ... 3 167.47 –9.20 ...
52.18 34.55 Verizon VZ 6.9 7 37.83 –1.00.6525 64.70 36.05 YumChina YUMC .8 42 62.58 +1.40 .13 48.72 19.20 AllegroMicro ALGM ... 48 37.46 +1.69 ... 2.18 0.50 AppliedTherap APLT ... dd 1.58 –0.12 ... 50.19 35.45 Avnet AVT 2.7 5 42.76 +1.50 .29
30.17 11.35 VermilionEnergy VET 2.1 2 12.54 –0.13.0734 71.40 16.20 ZimIntShipping ZIM 97.0 0 17.47 +0.406.40 27.63 16.43 AllianceResource ARLP14.0 4 20.00 –0.89 .70 44.76 9.14 Applovin APP ... dd 17.16 +0.16 ... 2.86 1.32 Aware AWRE ... dd 1.65 –0.01 ...
64.62 47.19 AlliantEnergy LNT 3.3 21 55.11 –0.03.4525 13.40 0.40 Appreciate SFR ... dd .52 –0.17 ...
11.58 1.41 VerticalAerospace EVTL ... dd 1.83 –0.01 ... 29.79 16.27 ZTO Express ZTO .0 23 27.77 +0.09 .37 136.38 46.41 AxcelisTechs ACLS ... 21 120.20 +1.90 ...
44.88 21.14 AlliedMotionTech AMOT .3 32 34.80 +0.38 .03 29.08 3.76 ApreaTherap APRE ... dd 3.90 –0.07 ...
17.88 7.76 Vertiv VRT .1 50 14.98 +0.06 .01 2.42 1.05 ZeppHealth ZEPP ... dd 1.41 –0.05 ... 2.79 0.16 AxcellaHealth AXLA ... dd .40 ... ...
17.49 4.42 AllogeneTherap ALLO ... dd 6.60 +1.17 ... 17.30 2.30 Aptorum APM ... dd 5.35 +2.82 ...
44.25 17.10 Viad VVI ... 40 22.59 +3.56 ... 11.28 4.09 ZetaGlobal ZETA ... dd 8.34 –1.37 ... 229.95 82.49 AxonEnterprise AXON ... cc 219.91 +9.20 ...
5.97 2.51 Allot ALLT ... dd 2.82 +0.11 ... 10.70 9.95 APxAcqnI A APXI ... 18 10.56 –0.04 ...
4.76 1.36 VicariousSurgical RBOT ... 77 2.16 –0.09 ... 5.49 1.86 ZeviaPBC ZVIA ... dd 3.42 –0.09 ... 79.92 38.41 Axonics AXNX ... dd 52.44 –5.02 ...
10.29 3.17 AlloVir ALVR ... dd 4.41 +0.97 ... 11.16 1.31 ApyxMedical APYX ... dd 3.44 +0.04 ...
51.00 26.14 Victoria'sSecret VSCO ... 7 27.83 –3.18 ... 2.13 0.89 Zhihu ZH ... dd 1.04 –0.06 ... 82.00 20.63 AxsomeTherap AXSM ... dd 73.74 +2.21 ...
2.40 0.62 AquestiveTherap AQST ... dd 2.04 +0.70 ... 78.82 37.61 Azenta AZTA ... dd 45.59 +2.10 ...
8.80 5.72 VinceHolding VNCE ... dd 6.09 –0.76 ... 149.25 100.39 ZimmerBiomet ZBH .7 65 137.91 –0.53 .24 2.46 0.58 Aravive ARAV ... dd 1.60 +0.18 ...
16.18 6.36 Vipshop VIPS ... 10 14.89 –0.81 ... 24.05 13.68 ZipRecruiter ZIP ... 34 17.17 +0.23 ... Nasdaq Issues includes stocks traded on the Nasdaq 3.15 1.85 ArbutusBiopharma ABUS ... dd 2.60 +0.09 ... B
8.56 2.98 VirginGalactic SPCE ... dd 3.61 –0.03 ... 187.82 124.15 Zoetis ZTS .8 42 186.23 +10.45 .375 Global Select and Nasdaq Global Market tiers. They are
eligible for inclusion on the basis of SEC-approved 104.87 65.88 ArcBest ARCB .5 7 87.82 –6.58 .12 20.49 10.23 BCB Bancorp BCBP 6.0 4 10.74 –1.06 .16
2.68 0.35 VirnetX VHC .0 dd .35 –0.061.00 11.60 5.45 Zuora ZUO ... dd 7.55 –0.24 ... market value of publicly-held shares, trading volume, 45.04 6.04 Arcellx ACLX ... dd 43.58 +0.90 ... 14.53 6.35 BELLUS Health BLU ... dd 14.49 ... ...
235.57 174.60 Visa V .8 32 231.78 –0.95 .45 32.86 19.29 ZurnElkayWater ZWS 1.3 60 21.48 –0.07 .07 price and number of market-makers. 76.92 41.05 ArchCapital ACGL ... 14 74.81 –0.26 ... 5.51 3.00 BGC Partners BGCP 1.0 39 4.17 –0.36 .01
42 BARRON’S May 8, 2023
10.02 0.80 Bioventus BVS ... dd .98 –0.03 ... 318.00 179.47 CavcoIndustries CVCO ... 11 301.20 +0.98 ... 19.97 10.19 Couchbase BASE ... dd 15.51 +0.15 ... 14.33 5.41 EdgewiseTherap EWTX ... dd 9.70 +0.93 ... 49.90 31.00 FirstFinIN THFF 3.3 6 33.07 –1.48 .20
2.84 0.38 Bitfarms BITF ... dd 1.16 ... ... 16.73 4.09 CECO Env CECO ... 23 11.53 –0.08 ... 43.06 19.72 CovenantLogist CVLG .9 6 38.92 –0.47 .11 3.88 0.54 Edgio EGIO ... dd .58 –0.09 ... 17.40 9.95 FirstFinNW FFNW 5.2 8 10.07 –2.08 .13
4.08 1.18 BlackDiamond BDTX ... dd 1.97 +0.54 ... 6.23 3.80 CellebriteDI CLBT ... 9 5.40 –0.01 ... 121.17 81.87 CrackerBarrel CBRL 5.0 22 103.61 –2.55 1.30 19.97 6.33 EditasMedicine EDIT ... dd 9.77 +1.61 ... 22.62 3.96 FirstFoundation FFWM 1.7 3 4.58 –1.71 .02
71.37 43.54 Blackbaud BLKB ... dd 70.00 +0.64 ... 4.10 1.77 Cellectis CLLS ... dd 1.90 +0.02 ... 7.68 3.89 CreativeMedia CMCT 7.6 dd 4.47 –0.01 .085 5.17 1.77 EducDev EDUC ... dd 1.92 –0.19 ... 29.65 11.37 FirstGuarBcshs FGBI 5.1 5 12.49 –1.10 .16
79.23 48.73 BlackLine BL ... dd 53.82 –1.89 ... 3.07 0.46 CelyadOncology CYAD ... dd .62 –0.10 ... 617.44 358.00 CreditAcceptance CACC ... 14 450.27 –39.23 ... 17.84 3.32 EHang EH ... dd 11.17 +0.06 ... 28.28 16.28 FirstHawaiian FHB 6.1 8 17.09 –2.02 .26
4.14 3.03 BlackRockCapInvt BKCC12.9 35 3.10 –0.10 .10 8.30 2.89 CentessaPharm CNTA ... dd 4.69 –0.03 ... 19.46 7.20 CredoTech CRDO ... dd 7.63 –0.48 ... 12.55 2.67 eHealth EHTH ... dd 6.29 +0.29 ... 40.12 10.00 FirstInternetBncp INBK 2.3 4 10.54 –4.17 .06
14.33 9.60 BlkRkTCPCap TCPC12.4 dd 10.35 +0.31 .32 3.47 0.61 Centogene CNTG ... dd .71 –0.10 ... 18.20 12.55 CrescentCapBDC CCAP12.2 27 13.48 –0.62 .41 9.89 0.75 EigerBioPharma EIGR ... dd 1.13 +0.10 ... 46.34 21.94 FirstInterBanc FIBK 7.9 9 23.85 –1.74 .47
11.05 9.72 bleuacaciaA BLEU ... cc 10.29 +0.04 ... 46.78 35.60 CentralGarden CENT ... 19 38.79 +1.95 ... 10.49 9.90 CresceraCapA CREC ... cc 10.49 +0.01 ... 9.06 2.50 8x8 EGHT ... dd 2.76 –0.11 ... 45.04 25.20 FirstMerchants FRME 4.9 7 26.32 –2.86 .32
0.15 0.01 bleuacaciaRt BLEUR ... ... .06 +0.01 ... 43.43 33.69 CentralGardenA CENTA ... 18 37.26 +1.93 ... 7.96 4.18 Cresud CRESY .0 2 6.06 –0.11.1326 18.03 2.05 89bio ETNB ... dd 16.67 +0.69 ... 39.60 22.94 FirstMidBcshs FMBH 3.9 6 23.83 –2.53 .23
28.46 15.89 BloominBrands BLMN 4.0 21 24.12 –0.65 .24 14.45 5.27 CenturyAluminum CENX ... dd 8.29 –0.30 ... 12.32 5.88 Cricut CRCT .0 36 9.76 +0.63 .35 13.00 8.15 ElPolloLoco LOCO .0 15 9.35 +0.03 1.50 18.40 9.94 FirstNWBncp FNWB 2.6 6 10.68 –1.66 .07
23.13 7.14 BlueBird BLBD ... dd 19.13 +0.43 ... 14.00 2.81 CenturyTherap IPSC ... dd 3.10 –0.03 ... 24.25 15.23 CrineticsPharm CRNX ... dd 22.35 +2.81 ... 244.80 162.01 ElbitSystems ESLT 1.0 31 192.94 +9.13 .50 221.88 59.60 FirstSolar FSLR ... cc 178.60 –3.98 ...
13.17 8.14 BlueFoundryBncp BLFY ... cc 9.03 –0.59 ... 2.87 1.53 Ceragon CRNT ... dd 1.77 –0.18 ... 36.76 20.56 Criteo CRTO ... dd 31.77 +0.32 ... 142.79 108.53 ElectronicArts EA .6 34 125.42 –1.86 .19 59.94 38.77 1stSource SRCE 3.0 8 42.54 +0.86 .32
10.94 9.88 BlueOceanA BOCN ... 20 10.48 +0.01 ... 32.86 12.82 Cerence CRNC ... dd 26.59 +1.04 ... 10.79 9.83 CrixusBH3 A BHAC ... 37 10.32 +0.05 ... 4.61 0.72 ElevationOnc ELEV ... dd 3.95 +1.32 ... 22.35 12.56 FirstUnited FUNC 6.0 4 13.27 –1.64 .20
10.85 9.87 BlueWorldA BWAQ ... cc 10.56 +0.05 ... 24.96 10.60 Certara CERT ... cc 23.11 –1.06 ... 151.32 46.08 Crocs CROX ... 12 114.48 –9.19 ... 5.42 2.21 EliemTherap ELYM ... dd 3.39 +0.25 ... 18.95 11.80 FirstWatchRest FWRG ... 88 16.91 +0.83 ...
83.20 2.02 EmbarkTech EMBK ... dd 2.85 +0.14 ... 32.94 13.00 FirstWesternFin MYFW ... 8 16.09 –1.67 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
8.58 2.78 bluebirdbio BLUE ... dd 4.37 +0.02 ... 5.95 2.14 Cerus CERS ... dd 2.28 –0.03 ... 3.62 1.70 Cronos CRON ... dd 2.01 +0.14 ...
79.40 37.82 BlueprintMed BPMC ... dd 56.23 +5.18 ... 10.99 9.65 ChainBridgeIA CBRG ... 26 9.65 –0.82 ... 40.12 15.26 CrossCtyHlthcr CCRN ... 6 23.50 +1.52 ... 36.64 22.30 Embecta EMBC 2.1 11 29.16 +1.41 .15 105.68 63.43 FirstCash FCFS 1.3 18 104.80 +1.77 .33
2.72 1.18 BoltBiotherap BOLT ... dd 1.61 +0.03 ... 33.65 16.64 ChampionX CHX 1.3 31 27.17 +0.09 .085 14.79 9.29 CrossFirstBkshs CFB ... 8 9.98 –0.05 ... 10.91 9.96 EmbraceChange EMCG ... cc 10.48 ... ... 3.26 0.84 FirsthandTechVal SVVC ... dd .86 –0.08 ...
2731.75 1616.85 BookingHldgs BKNG ... 33 2569.30 –117.01 ... 6.12 0.80 ChargeEnt CRGE ... dd .83 –0.23 ... 205.73 92.25 CrowdStrike CRWD ... dd 122.45 +2.40 ... 0.45 0.08 EmbraceChangeRt EMCGR ... ... .13 +0.01 ... 151.38 112.44 FirstService FSV .6 53 146.49 –4.25 .225
30.95 10.76 BowmanConsult BWMN ... 81 29.89 +0.09 ... 515.66 297.66 CharterComms CHTR ... 11 350.85 –17.85 ... 6.60 0.66 CueHealth HLTH ... dd .77 –0.02 ... 3.65 0.86 Emcore EMKR ... dd 1.06 –0.03 ... 122.39 87.03 Fiserv FISV ... 32 120.30 –1.82 ...
7.08 2.30 BraggGaming BRAG ... dd 3.56 +0.24 ... 135.93 107.54 CheckPoint CHKP ... 18 120.96 –6.40 ... 15.89 7.30 CullinanOncology CGEM ... 4 9.58 –0.15 ... 28.37 20.26 Enact ACT 2.4 5 23.75 –0.39 .14 220.19 109.49 FiveBelow FIVE ... 42 195.80 –1.56 ...
7.44 1.45 Brainsway BWAY ... dd 1.51 –0.04 ... 41.28 26.05 Cheesecake CAKE 3.3 39 32.79 –0.90 .27 2.91 1.64 CumberlandPharm CPIX ... dd 1.73 +0.02 ... 76.36 33.18 EnantaPharma ENTA ... dd 36.02 +0.47 ... 27.71 3.76 5EAdvMatls FEAM ... dd 4.62 +0.40 ...
50.97 22.54 Braze BRZE ... dd 28.90 –0.50 ... 42.16 28.70 ChefsWarehouse CHEF ... 54 34.77 +1.51 ... 15.64 2.64 CumulusMedia CMLS ... dd 2.77 –0.75 ... 72.73 42.50 EncoreCapital ECPG ... 42 48.57 –2.81 ... 120.39 46.61 Five9 FIVN ... dd 55.59 –9.25 ...
19.95 4.98 BridgeBioPharma BBIO ... dd 13.68 –0.84 ... 53.43 34.69 ChemungFinl CHMG 3.4 6 36.00 –4.15 .31 20.06 5.63 CureVac CVAC ... dd 8.24 +0.87 ... 206.74 94.39 EncoreWire WIRE .0 5 166.63 +10.30 .02 31.35 18.12 FiveStarBncp FSBC 3.4 7 19.33 –1.93 .20
25.90 3.26 BridgerAerospace BAER ... dd 4.52 +0.04 ... 10.83 9.98 ChengheAcqnA CHEA ... cc 10.59 +0.04 ... 60.79 18.47 Cutera CUTR ... dd 20.51 –2.29 ... 11.36 9.98 EnergemA ENCP ... cc 10.59 –0.01 ... 25.12 13.63 Flex FLEX ... 12 20.50 –0.07 ...
15.50 10.71 BridgfordFoods BRID ... 3 12.97 +0.08 ... 107.31 69.68 ChesapeakeEner CHK 2.7 2 78.64 –4.04 .63 8.47 3.30 Cvent CVT ... dd 8.46 +0.05 ... 26.34 16.92 EnergyRecovery ERII ... 58 24.21 +1.68 ... 22.95 13.46 Flexsteel FLXS 3.6 21 16.88 –0.42 .15
7.70 3.28 Brightcove BCOV ... dd 3.77 –0.37 ... 17.93 12.91 ChicagoAtlRealEst REFI 13.4 8 13.98 –0.18 .47 19.94 4.96 CVRx CVRX ... dd 12.61 +0.97 ... 29.70 15.33 EnlightRenewableEn ENLT ... 74 17.46 +1.07 ... 26.78 4.96 FluenceEnergy FLNC ... dd 17.93 –0.13 ...
60.54 38.38 BrighthouseFin BHF ... dd 42.93 –1.27 ... 15.89 1.50 ChickenSoupA CSSE ... dd 1.58 –0.20 ... 165.18 100.35 CyberArkSoftware CYBR ... dd 132.88 +8.28 ... 25.34 4.04 EnlivenTherap ELVN ... 87 19.64 +0.60 ... 1.81 0.64 Fluent FLNT ... dd .72 –0.02 ...
9.45 3.45 BrilliantEarthA BRLT ... cc 3.78 –0.40 ... 57.00 25.19 Children'sPlace PLCE ... dd 26.71 –2.93 ... 11.22 1.67 CymaBayTherap CBAY ... dd 10.51 –0.25 ... 26.30 6.50 Enovix ENVX ... dd 12.64 +1.82 ... 23.44 9.42 FlushingFin FFIC 8.5 5 10.37 –1.66 .22
12.36 9.91 BroadCapital BRACU ... ... 10.74 +0.49 ... 4.84 1.12 Chimerix CMRX ... 1 1.16 ... ... 4.22 1.13 CyteirTherap CYT ... dd 2.21 +0.05 ... 339.92 128.67 EnphaseEnergy ENPH ... 47 159.65 –4.55 ... 30.18 14.56 Flywire FLYW ... dd 28.76 –0.41 ...
0.33 0.02 BroadCapitalRt BRACR ... ... .19 +0.08 ... 9.21 5.00 Chindata CD ... 23 6.08 –0.23 ... 16.05 7.38 CytekBiosci CTKB ... cc 11.92 +0.44 ... 102.26 70.29 EnsignGroup ENSG .2 22 92.48 –4.61.0575 52.62 30.27 FocusFinPtrs FOCS ... 37 51.95 +0.01 ...
648.50 415.07 Broadcom AVGO 2.9 21 630.12 +3.624.60 27.44 12.41 ChinookTherap KDNY ... dd 20.26 +0.25 ... 55.80 32.96 Cytokinetics CYTK ... dd 39.44 +2.04 ... 252.73 169.04 Enstar ESGR ... dd 248.00 +7.40 ... 10.58 9.89 FocusImpact FIAC ... 26 10.47 +0.02 ...
15.50 7.00 BrooklineBcp BRKL 6.6 7 8.14 –1.40 .135 34.89 17.50 ChipMOSTechs IMOS13.9 12 24.99 +1.052.9194 3.02 1.17 CytomXTherap CTMX ... dd 1.70 +0.07 ... 118.47 61.75 Entegris ENTG .5 51 78.77 +3.85 .10 11.00 1.55 FocusUniversal FCUV ... dd 1.98 –0.15 ...
84.84 48.42 Bruker BRKR .3 37 78.53 –0.60 .05 181.34 93.35 ChordEnergy CHRD 3.6 3 138.97 –3.36 3.55 15.42 0.17 CyxteraTech CYXT ... dd .23 –0.10 ... 37.23 26.27 EnterpriseBncp EBTC 3.3 8 27.74 –1.10 .23 18.12 4.51 FoghornTherap FHTX ... dd 6.05 –0.47 ...
10.90 9.87 BullpenParlayA BPAC ... 20 10.48 +0.04 ... 300.90 172.75 ChurchillDowns CHDN .2 21 296.26 +3.73 .357 56.35 36.16 EnterpriseFinSvcs EFSC 2.5 7 39.35 –3.41 .25 10.90 9.91 ForbionEuroA FRBN ... cc 10.54 +0.01 ...
D 10.57 9.91 Ent4.0TechAcqnA ENTF ... 93 10.57 +0.08 ... 42.24 18.15 FormFactor FORM ... cc 27.99 +0.68 ...
39.33 16.74 Bumble BMBL ... dd 17.52 –0.69 ... 39.96 18.64 Chuy's CHUY ... 28 35.59 +0.71 ...
3.67 0.95 BurgerFiIntl BFI ... dd .98 –0.02 ... 53.80 18.00 Cimpress CMPR ... dd 47.08 –4.87 ... 3.43 1.08 DBV Tech DBVT ... dd 1.65 +0.16 ... 24.38 5.12 EntradaTherap TRDA ... dd 12.12 +0.41 ... 110.42 60.29 FormulaSys FORTY 1.4 13 69.10 +6.25 .671
5.15 1.70 BurningRockBio BNR ... dd 2.94 –0.17 ... 130.66 88.66 CincinnatiFin CINF 2.9 cc 105.24 –1.20 .75 45.99 12.64 DiceTherap DICE ... dd 38.00 +5.50 ... 62.82 40.37 ePlus PLUS ... 11 43.72 +0.18 ... 54.55 22.62 ForresterRes FORR ... 36 25.44 –5.50 ...
11.47 9.90 BurTechAcqnA BRKH ... cc 10.21 ... ... 470.23 343.86 Cintas CTAS 1.0 37 466.37 +10.60 1.15 26.66 6.58 DISH Network DISH ... 2 7.12 –0.39 ... 7.66 4.76 EpsilonEnergy EPSN 4.9 3 5.15 –0.21.0625 69.07 42.61 Fortinet FTNT ... 53 64.59 +1.54 ...
25.03 13.05 BusFirstBcshs BFST 3.4 6 14.11 –1.31 .12 3.32 0.38 CipherMining CIFR ... dd 2.21 –0.10 ... 31.36 13.95 DMC Global BOOM ... 26 18.59 –0.35 ... 6.05 1.58 EQRx EQRX ... dd 1.85 +0.17 ... 11.57 10.03 FortuneRiseA FRLA ... ... 10.72 –0.02 ...
5.50 0.51 BuzzFeed BZFD ... dd .58 +0.04 ... 111.15 61.94 CirrusLogic CRUS ... 26 79.46 –6.33 ... 1.67 0.59 D-MarketElec HEPS ... dd .99 +0.03 ... 3.20 0.51 Equillium EQ ... dd .53 –0.09 ... 117.57 84.04 ForwardAir FWRD 1.0 14 97.27 –8.24 .24
11.28 9.90 byNordicAcqnA BYNO ... cc 10.43 +0.01 ... 52.56 38.60 CiscoSystems CSCO 3.4 17 46.25 –1.00 .39 10.60 9.91 DPCapAcqnIA DPCS ... cc 10.52 +0.02 ... 762.51 494.89 Equinix EQIX 1.8 84 740.00 +15.92 3.41 9.22 2.96 Fossil FOSL ... dd 3.20 –0.16 ...
35.24 15.48 CitiTrends CTRN ... 2 16.24 –1.02 ... 10.65 9.85 DuetAcqnA DUET ... dd 10.45 +0.04 ... 38.04 20.74 EquityBcshs EQBK 1.8 6 21.64 –1.91 .10 15.96 9.00 FosterLB FSTR ... dd 10.96 –0.36 ...
C 14.55 8.40 CtznCmntyBcp CZWI 3.3 6 8.76 –1.32 .29 34.74 22.09 DXP Ents DXPE ... 10 24.61 –0.59 ... 10.74 2.49 Erasca ERAS ... dd 2.92 +0.16 ... 26.49 5.32 4D Molecular FDMT ... dd 16.94 –1.07 ...
5.23 1.48 Cadiz CDZI ... dd 4.18 +0.10 ... 18.49 11.85 CitizensHolding CIZN 7.6 8 12.67 –0.17 .24 15.59 2.98 DadaNexus DADA ... dd 5.82 –0.24 ... 286.50 159.36 ErieIndemnity A ERIE 2.1 38 228.03 +10.70 1.19 37.26 28.02 FoxA FOXA 1.6 12 31.97 –1.29 .25
63.77 43.10 C&F Fin CFFI 3.5 6 50.97 –2.28 .44 103.00 76.90 CityHolding CHCO 2.8 13 91.37 +0.18 .65 5.87 1.46 Daktronics DAKT ... dd 5.04 +0.23 ... 15.81 9.25 Escalade ESCA 3.8 12 15.74 +0.62 .15 34.42 26.35 FoxB FOX 1.7 11 29.39 –1.15 .25
24.98 18.99 CB FinSvcs CBFV 5.2 8 19.20 –2.57 .25 29.32 6.86 Clarus CLAR 1.2 dd 8.55 –1.18 .025 8.49 3.73 DallasNews DALN14.4 dd 4.44 +0.09 .16 8.87 1.12 EsperionTherap ESPR ... dd 1.40 +0.08 ... 127.54 69.28 FoxFactory FOXF ... 20 97.42 –13.45 ...
10.19 7.41 CCC Intelligent CCCS ... cc 8.93 +0.25 ... 11.36 9.79 CleanEarthA CLIN ... cc 10.33 +0.01 ... 120.75 61.34 Datadog DDOG ... dd 76.57 +9.19 ... 4.25 1.95 EtonPharm ETON ... dd 3.60 –0.03 ... 44.25 22.45 Franchise FRG 8.5 dd 29.41 +0.16 .625
215.00 147.91 CDW CDW 1.4 21 165.99 –3.60 .59 0.49 0.08 CleanEarthRt CLINR ... ... .19 ... ... 45.93 29.60 Dave&Buster's PLAY ... 13 36.33 +0.87 ... 149.91 67.01 Etsy ETSY ... dd 90.00 –11.03 ... 100.00 68.38 FranklinElec FELE .9 23 95.31 +5.84 .225
39.20 23.71 CEVA CEVA ... dd 25.62 +0.49 ... 8.58 3.84 CleanEnerFuels CLNE ... dd 4.29 +0.02 ... 111.04 5.01 Dave DAVE ... dd 5.03 –0.57 ... 123.40 71.60 EuronetWorldwide EEFT ... 19 110.25 –0.49 ... 5.64 2.85 FreightCarAmer RAIL ... dd 2.86 –0.11 ...
10.80 9.86 CFAcqnVII A CFFS ... ... 10.36 ... ... 134.90 30.00 Clearfield CLFD ... 9 35.27 –8.41 ... 2.28 1.08 DawsonGeophys DWSN ... dd 2.01 +0.10 ... 28.77 12.02 EuropeanWax EWCZ ... 97 18.11 –0.73 ... 7.89 4.92 FrequencyElec FEIM .0 dd 6.63 +0.09 1.00
13.24 2.85 C4 Therap CCCC ... dd 3.29 +0.27 ... 1.86 0.90 ClearsideBiomed CLSD ... dd 1.01 ... ... 28.35 5.44 DayOneBiopharm DAWN ... dd 13.68 +1.28 ... 3.29 0.02 EveloBiosci EVLO ... dd .14 –0.02 ... 5.59 0.35 FrequencyTherap FREQ ... dd .40 ... ...
121.23 86.60 CH Robinson CHRW 2.3 17 104.50 +3.63 .61 11.50 9.43 ClimateRockA CLRC ... dd 10.46 –1.04 ... 5.78 1.61 DecibelTherap DBTX ... dd 3.37 +0.15 ... 43.67 22.77 Everbridge EVBG ... dd 23.86 –2.42 ... 73.22 36.02 Freshpet FRPT ... dd 69.54 +0.57 ...
2.40 1.03 CLPS CLPS .0 dd 1.13 –0.01 .05 0.15 0.06 ClimateRockRt CLRCR ... ... .10 ... ... 22.76 9.01 DecipheraPharm DCPH ... dd 13.52 –0.69 ... 13.27 5.87 EverCommerce EVCM ... dd 12.22 +0.15 ... 18.14 10.51 FreshworksA FRSH ... dd 13.13 –0.23 ...
212.85 166.55 CME Group CME 2.4 24 185.13 –0.64 1.10 55.70 24.65 ClimbGlbl CLMB 1.4 16 48.37 +3.97 .17 30.11 8.71 DefinitiveHlthcr DH ... dd 10.21 –0.49 ... 11.47 9.93 EvergreenA EVGR ... 80 10.60 +0.05 ... 33.88 19.06 Frontdoor FTDR ... 27 29.78 +2.42 ...
28.50 16.48 CNB FinPA CCNE 3.9 6 17.97 –0.79 .175 3.55 0.71 CloverHealth CLOV ... dd .81 +0.07 ... 11.42 9.82 DenaliCapAcqnA DECA ... dd 10.54 –0.02 ... 71.58 54.12 Evergy EVRG 3.9 19 62.59 +0.48.6125 30.83 18.58 FrontierComms FYBR ... 11 19.68 –2.86 ...
21.50 6.54 CompassPath CMPS ... dd 8.04 +0.02 ... 54.53 29.91 CoastalFinl CCB ... 10 35.36 –0.89 ... 39.43 20.24 DenaliTherap DNLI ... dd 26.52 +1.68 ... 18.86 5.23 EverQuote EVER ... dd 6.59 –0.38 ... 15.25 7.61 Frontier ULCC ... 25 8.09 –1.40 ...
45.95 12.79 CPI Card PMTS ... 13 39.86 –2.01 ... 694.20 405.03 CocaColaCon COKE .3 14 655.84 +66.38 .50 43.24 26.48 DentsplySirona XRAY 1.4 dd 41.30 –0.63 .14 9.41 4.71 EverspinTech MRAM ... 31 7.42 +1.20 ... 5.50 1.77 FuelCell FCEL ... dd 2.46 +0.58 ...
128.10 78.35 CRA Intl CRAI 1.5 17 96.59 –8.55 .36 66.36 41.80 Coca-ColaEuro CCEP 2.8 19 65.60 +1.13 .74 82.02 56.19 DescartesSystems DSGX ... 65 76.34 –2.84 ... 12.65 3.64 EVgo EVGO ... dd 6.18 +0.19 ... 15.00 2.25 FulcrumTherap FULC ... dd 2.84 +0.34 ...
86.95 38.94 CRISPR Therap CRSP ... dd 55.79 +6.85 ... 13.03 2.85 Codexis CDXS ... dd 3.76 –0.16 ... 26.30 4.90 DesignTherap DSGN ... dd 7.58 +1.13 ... 14.34 6.51 Evolus EOLS ... dd 8.50 –0.24 ... 65.17 28.27 FulgentGenetics FLGT ... 7 33.93 +4.36 ...
66.58 48.59 CSG Systems CSGS 2.2 26 49.88 –2.80 .28 25.95 16.24 CodorusValleyBncp CVLY 3.9 7 16.55 –3.11 .16 7.57 3.27 DestinationXL DXLG ... 3 4.49 +0.10 ... 15.04 7.80 Evotec EVO ... dd 9.43 +0.19 ... 18.91 10.01 FultonFin FULT 5.7 6 10.47 –1.46 .15
14.98 6.68 CSP CSPI 1.0 18 12.60 –0.20 .03 21.42 1.03 CoeptisTherap COEP ... dd 1.41 +0.22 ... 3.53 2.56 Deswell DSWL 7.4 12 2.71 +0.06 .10 8.96 2.04 Exagen XGN ... dd 2.79 +0.25 ... 27.79 7.14 Funko FNKO ... dd 11.28 +1.42 ...
148.91 96.03 CSW Industrials CSWI .6 24 135.64 +0.97 .19 18.07 3.79 CogentBio COGT ... dd 11.22 +0.46 ... 126.44 66.89 DexCom DXCM ... cc 120.82 –0.52 ... 11.10 9.91 ExcelFinAcqnA XFIN ... cc 10.27 –0.02 ... 9.20 2.13 FusionFuelGreen HTOO ... ... 3.12 +0.22 ...
35.03 25.80 CSX CSX 1.4 16 31.86 +1.22 .11 75.00 46.75 CogentComm CCOI 5.4 cc 66.91 –2.13 .935 197.00 154.24 DiamondHillInvt DHIL 3.7 12 161.95 –0.17 1.50 22.47 14.87 Exelixis EXEL ... 35 19.48 +1.18 ... 5.22 1.98 FusionPharm FUSN ... dd 4.20 +0.35 ...
29.25 11.65 CVB Fin CVBF 6.5 7 12.23 –2.74 .20 58.12 40.21 Cognex CGNX .6 50 49.60 +1.91 .07 168.95 103.71 DiamondbkEner FANG 2.4 5 132.80 –9.40 .03 49.86 35.19 Exelon EXC 3.4 19 42.85 +0.41 .36 72.20 26.84 Futu FUTU ... 16 42.41 –1.86 ...
13.34 0.59 CabalettaBio CABA ... dd 12.58 +2.20 ... 6.27 1.07 CognitionTherap CGTX ... dd 1.56 –0.22 ... 43.68 18.92 DigiIntl DGII ... 43 31.49 +1.33 ... 191.18 126.17 ExlService EXLS ... 34 157.04 –21.34 ... 10.90 9.97 FutureTechIIA FTII ... cc 10.51 +0.01 ...
May 8, 2023 BARRON’S 43
11.52 9.91 GlblTechAcqnI GTAC ... 20 10.42 –0.47 ... 21.25 14.51 HostHotels HST 2.7 16 17.76 +1.59 .12 23.33 11.96 LegacyHousing LEGH ... 8 22.49 +0.89 ... 9.35 5.42 MedallionFin MFIN 5.2 3 6.12 +0.18 .08
48.82 31.46 IonisPharm IONS ... dd 36.20 +0.83 ...
15.00 10.44 GlobalWaterRscs GWRS 2.7 36 10.95 –0.02.0248 3.10 0.53 HubCyberSecurity HUBC ... ... .61 –0.21 ... 15.23 6.89 LegalZoom LZ ... dd 7.84 –1.54 ... 2.77 1.89 MediciNova MNOV ... dd 2.16 +0.05 ...
15.65 5.28 IovanceBiotherap IOVA ... dd 6.85 +1.21 ...
72.50 36.81 GlobalFoundries GFS ... 23 59.41 +0.61 ... 104.67 66.50 HubGroup HUBG ... 7 74.04 –1.36 ... 70.15 32.87 LegendBiotech LEGN ... dd 66.99 –1.72 ... 15.72 8.05 MediWound MDWD ... dd 10.95 –0.56 ...
7.99 1.65 iQIYI IQ ... dd 6.01 –0.09 ...
10.90 9.89 GlobalinkInvt GLLI ... cc 10.47 +0.03 ... 11.70 10.01 HudsonAcqnI HUDA ... dd 10.26 +0.02 ... 68.06 38.32 LeMaitreVascular LMAT .8 73 67.58 +13.58 .14 241.48 128.99 Medpace MEDP ... 26 206.79 +6.65 ...
164.69 85.74 iRhythmTechs IRTC ... dd 124.79 –6.61 ...
0.26 0.01 GlobalinkInvtRt GLLIR ... ... .10 +0.02 ... 1.35 0.14 HudsonAcqnIRt HUDAR ... ... .20 +0.01 ... 78.17 16.02 LendingTree TREE ... dd 18.65 –5.18 ... 45.49 2.60 MeihuaIntlMed MHUA ... ... 3.14 –0.46 ...
3.50 1.96 Iridex IRIX ... dd 2.28 –0.03 ...
4.16 0.51 GlycoMimetics GLYC ... dd 1.53 +0.13 ... 44.00 20.36 HudsonGlobal HSON ... 10 22.68 +0.93 ... 15.74 7.51 LeonardoDRS DRS ... 6 15.73 +0.68 ... 11.58 4.77 MeiraGTx MGTX ... dd 6.15 +0.80 ...
68.34 32.88 IridiumComm IRDM .8 cc 64.11 +0.64 .13
21.78 11.57 Gogo GOGO ... 19 12.65 –0.76 ... 2.08 0.45 HuizeHolding HUIZ ... dd 1.18 –0.07 ... 5.99 3.02 LesakaTech LSAK ... dd 3.48 –0.13 ... 14.46 4.06 MelcoResorts MLCO ... dd 13.01 –0.63 ...
9.81 1.02 IrisEnergy IREN ... ... 3.73 –0.27 ...
7.90 2.83 Gogoro GGR ... dd 3.40 +0.04 ... 7.06 1.96 Humacyte HUMA ... dd 4.61 +1.37 ... 20.30 10.06 Leslie's LESL ... 17 10.92 +0.07 ... 1337.75 600.68 MercadoLibre MELI ... cc 1243.59 –33.90 ...
60.25 35.41 iRobot IRBT ... dd 37.45 –1.88 ...
30.66 20.01 GolarLNG GLNG ... ... 21.19 –1.51 ... 200.64 153.92 JBHunt JBHT .9 20 179.12 +3.83 .42 3.79 1.31 LexiconPharm LXRX ... dd 3.49 +1.10 ... 39.03 24.01 MercantileBank MBWM 5.2 6 25.49 –2.57 .33
12.66 9.73 IronwoodPharm IRWD ... 11 10.67 +0.26 ...
50.47 32.53 GoldenEnt GDEN ... 16 40.31 –1.85 ... 15.74 9.21 HuntingtonBcshs HBAN 6.3 6 9.85 –1.35 .155 3.86 1.26 LexinFintech LX ... 4 2.48 +0.09 ... 11.16 9.91 MercatoPtrsA MPRA ... 22 10.44 +0.01 ...
11.25 10.13 IsraelAcqns ISRL ... ... 10.31 +0.01 ...
16.46 7.24 GoldenOcean GOGL19.3 4 8.54 –0.61 .20 30.41 20.93 Hurco HURC 2.9 24 21.79 –0.64 .16 41.49 12.52 LiAuto LI ... dd 23.93 +0.43 ... 17.50 8.38 MercerIntl MERC 3.3 2 9.11 –0.63 .075
28.05 12.52 iTeosTherap ITOS ... 6 14.25 +0.51 ...
15.34 11.94 GolubCapital GBDC10.0 20 13.26 –0.22 .33 87.44 51.96 HuronConsulting HURN ... 24 73.26 –11.53 ... 3.33 1.07 LianBio LIAN ... dd 2.25 +0.02 ... 65.42 34.13 MercurySystems MRCY ... dd 40.14 –7.53 ...
69.35 39.38 Itron ITRI ... dd 68.50 +15.10 ...
13.20 3.82 GoodRx GDRX ... dd 4.60 –0.07 ... 3.70 0.78 Hut8Mining HUT ... dd 1.88 +0.09 ... 123.74 68.15 LibertyBroadbandA LBRDA ... 12 79.78 –4.75 ... 17.38 7.80 Meridian MRBK 5.8 5 8.60 –0.75 .125
27.52 20.35 IturanLocation ITRN 2.7 11 20.92 +0.12 .14
15.69 9.66 Goodyear GT ... 16 11.43 +0.76 ... 8.75 1.17 Hydrofarm HYFM ... dd 1.36 –0.21 ... 126.62 68.67 LibertyBroadbandC LBRDK ... 12 80.12 –4.66 ... 85.08 50.46 MeritMedical MMSI ... 58 84.82 +3.53 ...
71.04 29.23 GooseheadIns GSHD ... cc 60.06 +2.56 ... J 25.13 15.22 LibertyGlobal A LBTYA ... 49 18.97 –0.54 ... 13.66 3.00 MerrimackPharm MACK ... dd 12.72 +0.31 ...
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
9.50 3.68 Procaps PROC ... dd 4.56 +0.04 ... 11.89 9.92 RoseHillAcqn ROSE ... 33 10.52 +0.05 ... 29.31 14.76 SkyWest SKYW ... 44 28.06 –0.24 ...
12.46 5.75 Newmark NMRK 2.1 13 5.85 –0.49 .03 18.12 3.84 PMV Pharm PMVP ... dd 4.90 +0.29 ... 27.00 9.10 ProFrac ACDC ... 8 10.16 –1.04 ... 122.45 69.24 RossStores ROST 1.3 24 104.44 –2.29 .335 123.69 76.16 Skyworks SWKS 2.4 14 104.12 –1.78 .62
21.69 14.87 NewsCorp A NWSA 1.2 34 17.12 –0.49 .10 43.34 29.69 PRA Group PRAA ... 12 34.70 –1.57 ... 59.36 40.33 ProgressSoftware PRGS 1.3 24 54.23 –0.65 .175 10.84 9.77 RothCHAcqnV ROCL ... dd 10.39 +0.03 ... 50.61 21.46 SleepNumber SNBR ... 11 23.11 +0.56 ...
21.86 15.15 NewsCorp B NWS 1.2 34 17.26 –0.49 .10 52.40 25.29 ProceptBio PRCT ... dd 28.54 –1.85 ... 46.50 25.67 Progyny PGNY ... cc 34.58 +1.34 ... 6.05 3.14 Rover ROVR ... dd 3.97 –0.56 ... 4.20 1.37 SmartSand SND ... dd 1.77 +0.05 ...
25.55 10.80 NewtekOne NEWT19.7 ... 11.58 +0.22 .18 139.91 97.97 PTC PTC ... 48 129.06 +3.27 ... 10.74 9.66 ProjectEnReimag PEGR ... 25 10.25 ... ... 147.82 84.54 RoyalGold RGLD 1.1 39 141.60 +9.16 .375 1.61 0.60 SmartShareGlbl EM ... dd 1.00 –0.03 ...
217.76 151.01 NexstarMedia NXST 3.3 7 164.26 –9.19 1.35 56.72 25.01 PTC Therap PTCT ... dd 55.82 +0.68 ... 197.83 21.50 PrometheusBio RXDX ... dd 194.20 +0.25 ... 44.66 32.68 RoyaltyPharma RPRX 2.3 cc 35.10 –0.05 .20 2.26 0.31 SmileDirectClub SDC ... dd .39 –0.01 ...
5.27 1.16 NextCure NXTC ... dd 1.59 +0.08 ... 76.72 51.33 Paccar PCAR 1.4 12 72.76 –1.93 .25 11.30 4.57 ProSomnus OSA ... dd 5.03 –0.09 ... 62.20 42.72 RushEnt A RUSHA 1.6 7 51.30 –1.81 .21 16.72 8.21 Smith&Wesson SWBI 3.3 9 12.09 +0.07 .10
8.50 3.10 Nexters GDEV ... 14 7.41 –0.19 ... 14.20 3.85 PacBiosciCA PACB ... dd 12.19 +1.59 ... 8.19 5.92 ProspectCapital PSEC11.4 79 6.29 –0.52 .06 65.60 45.28 RushEnt B RUSHB 1.5 8 56.84 –1.74 .21 13.26 7.02 SnapOne SNPO ... dd 9.64 –0.12 ...
21.99 16.13 NextGenHlthcr NXGN ... 50 16.78 +0.04 ... 37.50 17.66 PacificPremBncp PPBI 6.9 7 19.12 –3.12 .33 26.08 6.91 ProtagonistTherap PTGX ... dd 24.81 +2.21 ... 21.50 14.65 RuthsHospitality RUTH 3.0 19 21.38 +5.22 .16 3.07 0.50 SoYoungIntl SY ... dd 2.78 +0.09 ...
37.83 28.24 NEXTracker NXT ... ... 30.90 –0.59 ... 65.72 35.35 PaciraBioSci PCRX ... dd 42.89 –2.42 ...
10.74 4.37 NicholasFin NICK ... dd 4.51 –0.57 ... 4.60 2.38 ProtaraTherap TARA ... dd 3.08 –0.08 ... 19.00 9.78 RxSight RXST ... dd 18.35 +0.45 ... 10.50 9.76 SocialLvgI A SLAC ... 21 10.17 –0.01 ...
12.46 6.85 PactivEvergreen PTVE 5.6 4 7.14 –0.76 .10 7.71 0.91 Proterra PTRA ... dd 1.46 +0.29 ... 99.34 55.90 Ryanair RYAAY ... 16 95.41 –0.18 ... 8.52 4.24 SoFiTech SOFI ... dd 5.16 –1.07 ...
8.97 0.79 Nikola NKLA ... dd .98 +0.09 ... 33.13 2.48 PacWestBancorp PACW17.4 dd 5.76 –4.39 .25 79.65 21.06 Prothena PRTA ... dd 78.59 +25.97 ... 18.30 13.08 Sohu.com SOHU ... dd 13.85 +0.59 ...
22.00 1.49 9F JFU ... dd 4.13 +0.65 ... 203.44 132.22 PaloAltoNtwks PANW ... cc 183.93 +1.47 ... S
26.00 5.69 908Devices MASS ... dd 7.09 +0.33 ... 15.74 12.64 ProvidentFin PROV 4.3 10 12.89 –0.91 .14 6.89 3.24 SolGelTech SLGL ... dd 3.55 –0.04 ...
95.20 43.64 Palomar PLMR ... 25 51.00 +0.74 ... 23.60 11.73 PubMatic PUBM ... 24 12.15 –1.51 ... 38.43 24.93 S&T Bancorp STBA 4.8 7 26.88 –0.65 .32 375.90 190.15 SolarEdgeTech SEDG ... 86 293.39 +7.76 ...
9.60 2.57 NiuTech NIU ... dd 3.59 –0.13 ... 97.78 66.74 PapaJohn's PZZA 2.2 41 77.60 +2.81 .42 356.59 236.20 SBA Comm SBAC 1.4 70 239.59 –21.30 .85
18.48 3.12 Nkarta NKTX ... dd 4.63 –0.32 ... 24.49 4.07 Pulmonx LUNG ... dd 12.29 +0.54 ... 14.25 3.40 SolidBiosci SLDB ... dd 5.35 +0.47 ...
11.09 9.90 PapayaGrowthI A PPYA ... cc 10.46 +0.02 ... 5.16 1.60 PumaBiotech PBYI ... ... 3.15 +0.47 ... 3.84 1.15 SCYNEXIS SCYX ... dd 2.99 –0.16 ... 9.40 1.95 SolidPower SLDP ... dd 2.10 –0.17 ...
14.40 8.22 nLIGHT LASR ... dd 12.75 +3.98 ...
36.97 17.75 ParamountA PARAA 4.9 dd 19.54 –6.92 .24 38.90 18.15 PureTechHealth PRTC ... dd 27.53 +1.78 ... 64.69 46.30 SEI Investments SEIC 1.4 21 59.33 +0.42 .43 6.45 1.98 SomaLogic SLGC ... dd 2.91 +0.11 ...
230.20 1.62 Nogin NOGN ... dd 1.89 –0.06 ...
34.50 15.29 ParamountB PARA 5.7 dd 16.86 –6.47 .24 6.76 2.20 PurpleInnovation PRPL ... dd 2.75 –0.22 ... 11.04 9.93 ShuaaPtrsI A SHUA ... cc 10.55 ... ... 3.51 0.36 Sonder SOND ... dd .42 +0.01 ...
6.78 4.25 Noodles NDLS ... dd 4.70 –0.24 ...
3.65 1.29 ParatekPharm PRTK ... dd 1.74 +0.15 ... 9.63 4.89 Puyi PUYI ... dd 5.57 +0.21 ... 27.24 11.14 SI-BONE SIBN ... dd 22.03 –0.07 ... 3.98 0.20 Sono SEV ... ... .26 +0.04 ...
251.26 194.89 Nordson NDSN 1.2 26 220.17 +3.86 .65
7.16 0.75 PardesBiosci PRDS ... dd 1.90 –0.04 ... 6.92 1.10 PyxisOncology PYXS ... dd 2.89 –0.06 ... 26.99 5.11 SIGA Tech SIGA .0 13 5.93 +0.10 .45 24.56 13.65 Sonos SONO ... cc 21.61 +0.47 ...
48.50 33.15 NortheastBank NBN .1 6 36.49 –0.36 .01
21.36 9.23 Park-Ohio PKOH 3.3 dd 15.22 +2.25 .125 62.85 35.14 QCR Holdings QCRH .6 6 38.75 –2.65 .06 12.50 9.87 SKGrowthOppsA SKGR ... cc 10.50 +0.03 ... 6.25 1.69 SophiaGenetics SOPH ... dd 4.83 –0.01 ...
15.00 9.05 NorthernTechsIntl NTIC 2.5 36 11.40 –0.05 .07
2.89 0.95 PassageBio PASG ... dd 1.03 –0.01 ... 25.49 9.47 QifuTechnology QFIN 3.7 5 18.20 +0.56 .16 20.17 10.81 SLM SLM 3.1 8 14.30 –0.72 .11 24.90 5.78 SoteraHealth SHC ... dd 15.02 –1.75 ...
113.16 70.63 NorthernTrust NTRS 4.1 12 73.03 –5.13 .75
52.71 31.16 PathwardFinl CASH .4 10 44.66 +0.13 .05 2.14 0.70 QilianIntl QLI .0 38 1.15 ... .05 16.35 12.08 SLR Invt SLRC11.7 41 14.05 –0.44.1367 3.11 1.48 SotherlyHotels SOHO ... 1 1.87 –0.02 ...
16.13 9.13 NorthfieldBanc NFBK 5.3 8 9.72 –0.70 .13
17.65 12.25 PatriaInvts PAX 6.0 22 14.14 –0.69 .226 114.59 75.38 Qorvo QRVO ... cc 92.91 +0.83 ... 25.40 12.04 SMART Global SGH ... cc 16.50 +1.08 ... 11.51 9.96 SoundPointA SPCM ... 21 10.61 +0.02 ...
56.77 33.29 NorthrimBanCorp NRIM 5.4 8 37.20 +2.65 .60
11.05 9.95 PatriaLatAm PLAO ... 33 10.59 ... ... 156.66 101.93 Qualcomm QCOM 2.9 12 108.78 –8.02 .80 18.89 0.73 SMXSecurityMatters SMX ... dd 1.29 +0.43 ... 31.96 18.75 SouthPlainsFin SPFI 2.6 7 20.12 –0.41 .13
10.75 9.83 NorthViewAcqn NVAC ... 35 10.42 –0.01 ...
0.20 0.06 NorthViewRt NVACR ... ... .17 ... ...
77.96 41.75 PatrickIndustries PATK 2.7 7 66.57 –2.06 .45 18.21 9.32 QualtricsIntl XM ... dd 17.89 –0.04 ... 2.41 0.73 SPI Energy SPI ... dd 1.26 –0.05 ... 91.74 59.51 SouthState SSB 3.1 9 65.50 –3.48 .50
15.88 7.70 PatriotNatBncp PNBK ... 5 7.95 –0.80 ... 162.36 101.10 Qualys QLYS ... 42 116.61 +3.67 ... 39.60 27.93 SP Plus SP ... 17 35.51 +1.34 ... 49.96 20.75 SouthernFirstBcsh SFST ... 7 22.12 –5.46 ...
15.35 9.91 NorthwestBcshs NWBI 7.5 10 10.64 –1.05 .20
9.80 6.95 PatriotTransport PATI ... 26 9.23 +0.21 ... 13.79 9.89 QuantaSing QSG ... ... 10.91 –1.09 ... 157.46 96.41 SPS Commerce SPSC ... 96 150.39 +3.09 ... 56.04 30.28 SoMO Bancorp SMBC 2.6 8 32.38 –3.90 .21
40.60 25.71 NorthwestPipe NWPX ... 9 27.41 –0.13 ...
32.60 23.87 Patterson PDCO 3.9 13 26.60 –0.51 .26 23.02 6.31 Quanterix QTRX ... dd 18.51 +5.87 ... 65.92 45.25 SS&C Tech SSNC 1.4 24 55.35 –3.19 .20 31.00 20.10 SouthernStBcsh SSBK 1.7 6 20.65 –1.97 .09
62.95 48.68 Northwestern NWE 4.3 19 59.71 +1.09 .64
20.53 10.19 PattersonUTIEn PTEN 3.0 8 10.65 –0.54 .08 2.24 0.86 Quantum QMCO ... dd .95 –0.03 ... 22.11 12.78 SSR Mining SSRM 1.6 19 17.14 +2.82 .07 42.01 26.46 SouthsideBcshs SBSI 4.9 9 28.33 –3.40 .35
34.75 23.00 NorwoodFin NWFL 4.4 8 26.41 –0.47 .29
111.00 67.40 Nova NVMI ... 21 92.86 +1.41 ... 139.47 104.78 Paychex PAYX 3.3 26 107.83 –2.03 .89 4.65 1.38 Quantum-Si QSI ... dd 1.45 –0.02 ... 16.60 10.08 SabraHealthcare SBRA10.6 dd 11.29 –0.11 .30 18.40 12.50 SovosBrands SOVO ... dd 17.98 +0.83 ...
173.10 110.84 Novanta NOVT ... 79 162.39 +9.55 ... 34.95 20.14 PaycorHCM PYCR ... dd 22.31 –1.19 ... 7.30 1.07 Quhuo QH ... ... 2.01 +0.52 ... 9.02 3.54 Sabre SABR ... dd 3.67 –0.33 ... 37.75 23.38 SpartanNash SPTN 3.6 25 23.99 –0.53 .215
76.77 5.61 Novavax NVAX ... dd 7.71 +0.04 ... 276.88 152.01 Paylocity PCTY ... 83 173.32 –19.97 ... 108.35 66.88 QuidelOrtho QDEL ... 48 88.61 –1.34 ... 99.75 69.00 SafetyInsurance SAFT 5.1 39 70.05 –3.04 .90 3.18 0.68 SperoTherap SPRO ... dd 1.95 +0.18 ...
120.03 56.06 Novocure NVCR ... dd 68.23 +2.33 ... 8.04 3.33 Payoneer PAYO ... dd 5.56 +0.10 ... 3.85 0.54 QuinceTherap QNCX ... dd 1.57 +0.04 ... 29.75 21.70 SagaComm SGA 4.5 15 22.10 –0.15 .25 116.84 65.00 Splunk SPLK ... dd 85.25 –0.99 ...
14.35 2.29 Novonix NVX ... dd 2.78 +0.22 ... 103.03 66.39 PayPal PYPL ... 36 74.97 –1.03 ... 18.18 8.06 QuinStreet QNST ... dd 8.10 –3.02 ... 10.99 9.88 SagaliamAcqnA SAGA ... dd 10.54 –0.14 ... 13.45 6.13 SpokHoldings SPOK 9.7 9 12.89 +0.66.3125
10.66 9.94 NubiaBrandA NUBI ... cc 10.50 –0.02 ... 42.19 22.88 PeapackGladFinl PGC .8 6 25.21 –1.35 .05 21.93 3.04 QurateRetailB QRTEB ... dd 5.90 +2.08 ... 0.20 0.05 SagaliamAcqnRt SAGAR ... ... .18 +0.03 ... 14.56 7.10 Sportradar SRAD ... cc 13.02 +1.45 ...
2.24 0.52 NuCana NCNA ... dd .71 –0.14 ... 10.73 9.84 PearlHldgsAcqnA PRLH ... cc 10.48 –0.01 ... 4.23 0.67 QurateRetailA QRTEA ... dd .88 +0.08 ... 50.16 27.36 SageTherap SAGE ... dd 49.06 +0.21 ... 11.11 5.93 SportsmansWrhs SPWH ... 6 6.22 ... ...
19.91 7.52 NurixTherap NRIX ... dd 9.68 +0.05 ... 70.12 29.05 Pegasystems PEGA .3 dd 42.23 –3.39 .03 306.40 168.03 Saia SAIA ... 22 293.07 –4.70 ... 13.45 9.90 SportsMapTech SMAP ... cc 10.50 –0.07 ...
17.83 6.66 Peloton PTON ... dd 7.81 –1.07 ... R 3.02 0.96 SalemMedia SALM ... dd 1.02 –0.02 ... 10.79 10.00 SpringValleyII A SVII ... ... 10.45 +0.03 ...
33.73 13.44 Nutanix NTNX ... dd 23.94 –0.04 ...
40.43 7.09 Nuvalent NUVL ... dd 38.51 +3.12 ... 19.48 8.68 Pennant PNTG ... 56 12.06 –1.81 ... 32.45 9.86 RaptTherap RAPT ... dd 19.10 +0.90 ... 9.55 2.99 SanaBiotech SANA ... dd 5.70 +0.41 ... 0.26 0.10 SpringValleyII Rt SVIIR ... ... .16 ... ...
58.55 35.17 Nuvasive NUVA ... 67 42.78 –0.26 ... 28.00 21.50 PennsWoodsBncp PWOD 5.7 8 22.28 –1.01 .32 23.76 8.62 RBB Bancorp RBB 6.7 3 9.56 –2.89 .16 42.70 19.78 SandySpringBncp SASR 6.3 6 21.66 –0.82 .34 5.44 0.41 SpringBig SBIG ... dd .67 +0.12 ...
53.18 23.71 Nuvei NVEI ... cc 40.74 +0.09 ... 32.24 23.60 PeoplesBncpOH PEBO 6.1 7 25.44 –0.62 .39 97.45 46.49 RCI Hospitality RICK .3 15 74.83 –0.07 .06 119.33 67.02 Sanfilippo JBSS .6 21 116.36 +12.41 1.50 43.52 13.60 SpringWorks SWTX ... dd 23.60 +0.22 ...
290.58 108.13 NVIDIA NVDA .1 cc 286.80 +9.31 .04 34.88 21.66 PeoplesBncpNC PEBK 3.5 8 22.02 –6.06 .19 28.82 10.11 RCM Tech RCMT ... 6 12.19 +0.95 ... 6.42 1.28 SangamoTherap SGMO ... dd 1.34 –0.13 ... 39.99 22.56 SproutsFarmers SFM ... 16 36.42 +1.76 ...
16.02 4.36 Nyxoah NYXH ... dd 8.05 –0.04 ... 59.99 37.31 PeoplesFinSvcs PFIS 4.2 8 39.25 –1.10 .41 1.96 0.27 REE Automotive REE ... dd .32 +0.03 ... 10.62 3.30 SangomaTechs SANG ... dd 3.70 +0.15 ... 3.57 0.95 SpruceBio SPRB ... dd 2.30 +0.24 ...
20.00 4.32 PepGen PEPG ... dd 14.93 –0.16 ... 35.73 17.03 REGENXBIO RGNX ... dd 18.88 –0.48 ... 69.28 37.76 Sanmina SANM ... 11 52.65 +0.39 ... 112.27 46.36 StaarSurgical STAA ... cc 67.33 –3.14 ...
O 10.73 9.81 PepperLimeA PEPL ... cc 10.27 +0.01 ... 11.54 9.40 RF Acqn RFACU ... ... 10.36 –0.14 ... 57.82 36.91 Sanofi SNY 2.5 16 55.77 +2.12.2972 9.23 4.80 Stagwell STGW ... 54 5.71 –0.51 ...
53.59 28.85 ODP ODP ... 13 42.50 –0.71 ... 194.48 154.86 PepsiCo PEP 2.4 41 194.27 +3.381.265 10.91 9.80 RF Acqn A RFAC ... cc 10.34 +0.02 ... 26.66 16.18 SapiensInt SPNS 2.1 24 22.57 +2.44 .47 2.97 0.92 StdBioTools LAB ... dd 1.62 –0.08 ...
87.55 44.76 ON Semi ON ... 20 81.22 +9.26 ... 12.25 10.00 PerceptionCapII PCCT ... dd 10.83 +0.10 ... 0.28 0.03 RF Acqn Rt RFACR ... ... .09 +0.01 ... 4.61 0.35 SarcosTech&Robotic STRC ... dd .40 ... ... 33.99 16.85 StarBulkCarriers SBLK27.1 3 18.81 –2.30 .60
13.00 8.15 OP Bancorp OPBK 5.7 4 8.42 –0.67 .12 11.18 9.69 PerceptionCapII PCCTU ... ... 10.83 +0.13 ... 7.42 3.78 RF Industries RFIL ... 71 3.90 –0.16 ... 159.84 61.28 SareptaTherap SRPT ... dd 131.00 +8.23 ... 1.14 0.65 StarEquity STRR ... dd .87 +0.13 ...
3.24 1.00 OPKO Health OPK ... dd 1.83 +0.36 ... 15.65 9.75 PerdoceoEduc PRDO ... 9 11.81 –1.17 ... 24.55 18.01 RGC Resources RGCO 4.2 dd 18.85 –0.30.1975 8.08 0.59 SatsumaPharm STSA ... dd 1.07 +0.01 ... 20.79 15.33 StarWi STHO ... ... 16.49 +0.35 ...
11.02 9.79 OPYAcqnIA OHAA ... cc 10.28 +0.06 ... 12.00 5.47 PerellaWeinberg PWP 3.5 dd 7.90 ... .07 11.24 9.91 ROC Energy ROC ... cc 10.52 +0.01 ... 2.85 1.06 Savara SVRA ... dd 2.03 +0.15 ... 115.48 68.39 Starbucks SBUX 2.0 35 107.21 –7.08 .53
May 8, 2023 BARRON’S 45
4.55 1.52 Taboola TBLA ... dd 2.25 –0.06 ... 18.50 1.46 UnityBiotech UBX ... dd 2.34 +0.20 ... -0.73 France Singapore 0.20
6.69 2.09 TabulaRasaHlth TRHC ... dd 5.35 –0.07 ... 155.91 89.41 UnivDisplay OLED 1.0 33 137.45 +3.99 .35
19.10 6.28 TactileSystems TCMD ... dd 18.63 +0.40 ... 29.28 8.64 UnivElectro UEIC ... dd 8.90 –1.15 ... -0.79 Sweden -0.11 South Korea
137.43 90.00 TakeTwoSoftware TTWO ... dd 124.51 +0.22 ... 45.00 20.92 UnivLogistics ULH 1.6 5 25.98 +0.38 .105
10.05 6.52 UnivStainless USAP ... dd 9.46 –0.01 ...
-1.02 Spain -1.05 Hong Kong
9.47 0.89 TalarisTherap TALS ... dd 2.93 +0.05 ...
1.94 0.52 Talkspace TALK ... dd .84 +0.04 ... 2.08 0.48 UniversePharm UPC ... dd .67 +0.19 ... -1.05 U.K. -1.15 New Zealand
11.37 10.02 Talon1AcqnA TOAC ... 27 10.68 +0.01 ... 29.06 16.63 UnivestFin UVSP 4.7 7 17.99 –2.13 .21
79.40 33.43 TandemDiabetes TNDM ... dd 35.06 –4.52 ... 31.91 16.82 Upbound UPBD 4.3 28 31.34 +4.68 .34 -1.51 Denmark -1.16 Australia
16.33 3.37 UplandSoftware UPLD ... dd 3.68 +0.01 ...
8.56 3.10 TangoTherap TNGX ... dd 3.43 +0.03 ...
89.70 11.93 Upstart UPST ... dd 13.24 –0.66 ...
-2.21 Norway -1.57 Indonesia
8.25 2.07 TarenaIntl TEDU ... 3 3.48 –0.09 ...
10.60 9.85 TargetGlbl I A TGAA ... cc 10.48 ... ... 25.05 6.56 Upwork UPWK ... dd 8.00 –1.57 ... Indexes based on S&P Global Broad Market Indices Source: S&P DJ Indices
19.66 10.80 TarsusPharm TARS ... dd 15.35 +0.43 ... 29.74 17.81 UrbanOutfitters URBN ... 17 28.04 +0.98 ...
26.73 11.42 TaskUs TASK ... 29 11.83 –1.63 ... 16.11 4.85 UroGenPharma URGN ... dd 11.85 +0.26 ...
6.99
5.09
4.97
0.61
TatTechnologies
TayshaGene
TATT ...
TSHA ...
dd
dd
5.72
.71
–0.18 ...
–0.07 ...
2.90
109.50
5.03
1.22
80.10
2.44
Usio
UtahMedProducts
UTStarcom
USIO ...
UTMD 1.3
UTSI ...
dd
20
dd
2.18
93.68
3.80
+0.34 ...
–1.16 .295
–0.20 ...
Key Foreign Stock Market Indexes
11.15 9.94 Tech&TelecomA TETE ... 95 10.66 +0.04 ... Most Recent Week’s Year-to-Date Most Recent Week’s Year-to-Date
10.70 0.80 Uxin UXIN ... 0 1.11 –0.01 ... Close %Chg. Chg. % Chg. Close %Chg. Chg. % Chg.
74.61 32.22 TechTarget TTGT ... 26 33.37 –0.72 ...
8.34 5.16 Ericsson ERIC 3.0 11 5.42 –0.07.0873 V Amsterdam AEX 750.48 –1.06 +61.47 +8.92 Milan FTSE All Share 29509 +0.89 +3789.88 +14.74
18.21 6.00 Telesat TSAT ... dd 8.89 +0.28 ... 10.93 9.90 VMGConsumerA VMGA ... cc 10.41 ... ... Athens General 1111.24 +2.41 +181.45 +19.52 Oslo Composite 1371.46 –1.51 +8.78 +0.64
4.72 1.08 TelesisBio TBIO ... dd 2.86 +0.27 ... 6.83 2.75 VNET VNET ... dd 3.00 +0.06 ...
12.51 1.53 Telos TLS ... dd 1.74 +0.04 ... 14.75 5.85 VOXX Intl VOXX ... dd 12.70 –0.07 ... Bangkok SET 1533.30 +0.27 –135.36 –8.11 Paris CAC 7432.93 –0.78 +959.17 +14.82
15.15 0.30 TempoAutomation TMPO ... dd .33 –0.05 ... 59.15 31.85 VSE VSEC .8 20 47.82 +5.53 .10 Bombay Sensex 61054 –0.10 +213.55 +0.35 Santiago Selective 3203.96 +0.48 +31.39 +0.99
56.22 23.81 10xGenomics TXG ... dd 54.27 +1.84 ... 7.13 0.69 Vacasa VCSA ... dd .83 +0.03 ...
53.75 28.80 Tenable TENB ... dd 36.06 –0.93 ... 7.45 2.02 Vaccitech VACC ... 18 2.30 –0.01 ... Brussels Bel-20 3799.88 –0.05 +98.71 +2.67 Sao Paulo Bovespa 105148 +0.69 –4586.12 –4.18
8.80 1.64 TenayaTherap TNYA ... dd 6.80 +1.49 ... 10.86 9.92 VahannaTechI A VHNA ... cc 10.54 +0.05 ... Buenos Aires Merval 297140 –0.28 +95054 +47.04 Seoul Composite 2500.94 –0.02 +264.54 +11.83
0.49 0.10 TenXKeaneAcqnRt TENKR ... ... .21 +0.01 ... 13.07 6.64 ValleyNatlBncp VLY 5.8 7 7.60 –1.78 .11 Copenhagen OMX 20 2031.07 –1.54 +195.78 +10.67 Shanghai Composite 3334.50 +0.34 +245.24 +7.94
112.06 67.81 Teradyne TER .5 24 92.63 +1.25 .11 33.76 9.07 Valneva VALN ... dd 12.87 +3.43 ...
14.04 1.45 TernsPharm TERN ... dd 12.46 –0.59 ... 11.05 9.97 ValuenceI A VMCA ... cc 10.60 +0.02 ... Dublin ISEQ 8287.13 –1.72 +1178.31 +16.58 Shenzhen B Share Idx 1180.12 +0.58 +22.79 +1.97
25.50 10.51 TerritorialBncp TBNK 8.1 7 11.30 –5.45 .23 11.90 5.75 VandaPharm VNDA ... 25 6.95 +0.81 ... EURO STOXX SXXE 458.92 –0.50 +48.95 +11.94 Singapore FTSE STI 3266.63 –0.12 +15.31 +0.47
314.67 101.81 Tesla TSLA ... 50 170.06 +5.75 ... 23.78 17.11 VarexImaging VREX ... 31 22.01 +4.27 ...
8.79 4.03 TesscoTech TESS ... dd 8.77 –0.01 ... 36.99 15.61 VaronisSystems VRNS ... dd 23.03 –0.13 ... EURO STOXX 50 SXSE 4340.43 –0.43 +546.81 +14.41 Stockholm OMXS 849.97 –1.01 +68.11 +8.71
169.67 118.55 TetraTech TTEK .6 25 143.65 +5.28 .23 5.65 3.05 VastaPlatform VSTA ... dd 3.80 –0.38 ... Frankfurt DAX 15961 +0.24 +2037.43 +14.63 STOXX Europe 50 SXSP 4032.48 –0.40 +380.65 +10.42
69.27 43.37 TexasCapBcshs TCBI ... 8 48.35 –1.90 ... 51.67 17.44 Vaxcyte PCVX ... dd 51.40 +8.57 ...
186.30 144.46 TexasInstruments TXN 3.0 19 165.82 –1.38 1.24 Helsinki OMHX 10665 –0.07 –142.45 –1.32 STOXX Europe 600 SXXP 465.31 –0.28 +40.42 +9.51
6.60 1.24 Vaxxinity VAXX ... dd 2.30 +0.17 ...
113.56 68.58 TexasRoadhouse TXRH 2.0 26 108.31 –2.31 .55 11.98 4.25 VectivBio VECT ... dd 10.69 +0.20 ... Hong Kong Hang Seng 20049 +0.78 +267.90 +1.35 Sydney S&P/ASX 200 7220.00 –1.22 +181.31 +2.58
37.58 16.59 TheBancorp TBBK ... 12 30.78 –1.13 ... 23.92 16.11 VeecoInstr VECO ... 7 18.56 +0.14 ... Istanbul IMKB 4400.76 –4.70 –1108.40 –20.12 Taipel Weighted 15626 +0.30 +1488.38 +10.53
11.69 1.99 TherapeuticsMD TXMD ... dd 3.83 +0.29 ... 47.25 11.07 VentyxBiosciences VTYX ... dd 39.55 +1.95 ...
12.03 7.53 TheravanceBio TBPH ... dd 11.33 +0.50 ... 6.95 2.84 VeraBradley VRA ... dd 5.39 +0.15 ... Jakarta Composite 6767.69 –2.14 –82.93 –1.21 Tel Aviv 125 Index 1785.83 +2.90 –27.52 –1.52
14.77 4.01 TheseusPharm THRX ... dd 11.81 +1.57 ... 23.39 5.20 VeraTherap VERA ... dd 7.44 +0.79 ... Johannesburg All Share 78132 –0.11 +5084.20 +6.96 Tokyo Nikkei-225 29157 +1.04 +3063.45 +11.74
26.75 12.31 ThirdCoastBcshs TCBX ... 8 13.94 ... ... 32.40 14.85 Veracyte VCYT ... dd 23.28 +0.64 ...
24.60 3.75 ThirdHarmonic THRD ... ... 4.79 +0.26 ... Kuala Lumpur Composite 1431.04 +1.07 –64.45 –4.31 Toronto S&P/TSX 20542 –0.46 +1157.11 +5.97
19.91 11.61 Veradigm MDRX ... 32 12.28 –0.21 ...
2.39 0.70 36Kr KRKR ... 11 1.00 +0.02 ... 1.47 0.29 Verastem VSTM ... dd .43 +0.04 ... LISBON PSI 4617.37 –1.26 +196.94 +4.46 Vienna ATX 3216.88 –1.28 +90.49 +2.89
6.90 3.41 ThorneHealthtech THRN ... 15 4.43 +0.02 ... 33.73 17.30 Vericel VCEL ... dd 33.04 +1.53 ... London FTSE - 100 7778.38 –1.17 +326.64 +4.38 Wellington S&P/NZX 50 11889 –1.09 +415.77 +3.62
18.25 5.93 Thoughtworks TWKS ... dd 7.60 +1.37 ... 53.08 31.63 VerintSystems VRNT ... dd 33.91 –2.58 ...
6.63 0.73 ThredUp TDUP ... dd 2.68 +0.04 ... 226.50 155.25 VeriSign VRSN ... 34 219.49 –2.31 ... Madrid IBEX 35 9147.30 –1.01 +918.22 +11.16 Zurich Swiss 11554 +1.02 +824.84 +7.69
10.65 9.70 ThunderBridgeIV A THCP ... 82 10.20 +0.03 ... 211.93 156.05 VeriskAnalytics VRSK .6 66 210.88 +16.77 .34 Manila Composite 6685.66 +0.91 +119.27 +1.82
5.17 2.17 TilrayBrands TLRY ... dd 2.77 +0.42 ... 35.22 15.13 Veritex VBTX 4.9 6 16.31 –0.90 .20
35.62 22.38 TimberlandBncp TSBK 4.0 7 22.92 –2.83 .23 10.99 3.58 Veritone VERI ... dd 3.83 –0.94 ... Mexico City IPC 54937 –0.33 +6473.53 +13.36 Indexes are based on local currencies. Because of various holidays and other market closings, the most
recent close is not necessarily that of the week of publication.
47.87 21.50 TitanMachinery TITN ... 7 31.57 +0.22 ... 26.44 3.41 VeronaPharma VRNA ... dd 21.66 +0.71 ...
36.60 9.23 Torm TRMD15.6 4 29.66 –1.69 2.59 8.70 1.77 VerricaPharm VRCA ... dd 6.55 +0.38 ...
46 BARRON’S May 8, 2023
Cash Track
open-end funds by assets. These
funds value their portfolios daily barrons.com/cefund. They will no longer appear in print. The
and report net asset values (the
dollar amount of their holdings Herzfeld chart has moved to the Market Lab Newsletter. To sign
divided by the number of shares
outstanding) to the National up for the newsletter, go to barrons.com/newletters. Money Moves: Cash inflows to money-market funds eased again, to average $12.7 billion a week, in the
Association of Securities Dealers.
Total returns reflect both price last month. Some cash may have gone instead to equity funds, where the average weekly outflow narrowed
changes and dividends; these Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. to $3.3 billion. Taxable-bond fund flows went from negative to a positive $1.2 billion weekly average, while
figures assume that all distribu- NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
tions are reinvested in the fund. LtdTEBdA 15.22 0.04 1.7 1.2 CoreBond 9.05 -0.01 3.5 -6.7 GblAll60 40Inst 19.39 -0.06 4.7 29.9
muni-bond fund outflows stayed roughly even, at $1 billion.
Because Lipper is constantly up-
dating its database, these returns N PerA 52.61 -0.10 11.2 43.1 CorePlusBond 8.93 0.00 3.7 -3.5 GlEqInst 27.87 -0.17 6.1 55.3
may differ from those previously NEcoA 47.81 -0.26 9.9 24.3 Intl Eq 12.00 0.02 11.9 40.7 GlRESec 9.93 0.00 2.3 23.6 Equity Funds Municipal Bond Funds
published or calculated by others. NwWrldA 71.80 0.09 8.0 30.8 LargeCapGrowth 18.96 -0.08 10.9 38.6 InfProtSec 11.28 0.03 4.3 3.5
3 year returns are cumulative. The SmCpA 60.10 0.04 7.1 29.7 LargeCapValue 15.19 -0.27 1.7 65.8 IntGvFxdInc 11.24 0.03 4.4 -12.1 1200 1100
NAV is the last reported closing STBFA 9.56 0.03 2.1 -1.6 IntlCoreEq 14.88 0.04 10.3 51.6
price for the week. Footnotes: NA: MunicipalBond 9.86 0.03 2.5 3.5
not available. NE: performance STTxExBdA 9.88 0.02 1.2 0.3 S/MCapGrowth 12.41 0.04 5.6 28.4 IntlREst 3.83 0.03 3.2 18.6 -1600 500
excluded by Lipper editor. NN: fund TECAA 16.52 0.07 2.8 1.6 S/MCapValue 12.27 -0.16 -0.8 63.1 IntlSustCore1 11.85 0.04 11.7 44.0
not tracked. NS: fund not in TxExA 12.29 0.05 3.0 2.2 Brown Advisory Funds: IntlVal 19.42 -0.04 9.5 73.9 -4400 -100
existence for whole period. e: ex WshA 52.92 -0.46 2.2 50.0 IntlVectorEq 12.98 0.03 9.8 56.4
capital gains distributions. f: GrwthEquityInst 23.93 -0.16 10.5 16.5
previous day’s quote. n: no front- AMG Managers Funds: IntSmCo 18.91 0.09 8.7 47.5 -7200 -700
or back-end sales charge. p: fund YachtmanFocFd I 19.00 -0.23 5.3 58.2 C IntSmVa 20.56 0.07 9.4 59.4
assets are used to pay marketing YacktFocFd N n 19.07 -0.23 5.3 57.4 IntTermMuni 9.98 0.03 1.4 0.0 -10000 -1300
and distribution costs (12b-1 fees). Calamos Funds: IntVaIII 16.71 -0.04 9.5 74.5
r: fund levies redemption fee or YacktmanFd I 21.99 -0.33 4.1 59.7 Mar Apr May Mar Apr May
back-end load. s: stock dividend or Angel Oak Funds Trst: MktNeutI 14.26 -0.01 3.8 11.1 ITExQual 9.45 -0.03 4.5 -6.9
split of 25% or more. t: fund charges AglOkMtiStFdClIn 8.50 NA NA NA Calvert Investments: LgCo 28.22 -0.22 8.3 51.1
12b-1 fees (for marketing and AQR Funds: Eq A 69.60 -0.13 5.2 42.9 LgCpIntl 25.64 0.06 11.1 47.6 Money Market Funds Taxable Bond Funds
distribution) and a back-end load.
v: capital-gains distribution may be LgCapDefStyle I 25.87 -0.08 3.5 39.6 Carillon Reams: SclCrEqInst 13.69 0.04 10.7 48.4 81000 5200
a return of capital. x: ex cash
STExQual 10.30 0.01 2.2 -1.8
Ariel Investments: CorePlBd I 30.51 -0.13 4.7 -2.8
dividend. STGov 9.87 0.00 1.6 -4.2 60000 3700
Ariel Inv n 65.27 -0.84 4.7 71.4 Carillon Scout:
STMuniBd 10.09 0.01 0.9 0.8
Net YTD 3-Yr. Artisan Funds: MidCap I 19.74 -0.01 1.9 49.4
NAV Chg. % Ret. % Ret.
US CoreEq1 31.28 -0.33 5.4 58.0 39000 2200
GblOppInst 28.51 -0.07 8.0 24.1 CausewayInst : US CoreEq2 28.33 -0.30 4.7 61.3
A Intl Inv n 26.08 0.01 9.1 24.2 CausewayInst 18.96 0.01 19.0 76.2 US Micro 22.51 -0.22 -1.4 73.5
IntlInst 26.23 0.01 9.2 25.0 CIBC Atlas: US Small 38.52 -0.45 -0.2 69.7
18000 700
AAM: IntlVal Inst 43.20 -0.20 11.9 74.9 DispEq Inst 25.39 -0.18 5.4 40.2 US SmCpVal 37.45 -0.94 -4.3 97.5
IntlVal Inv n 43.03 -0.21 11.8 73.6 US TgdVal 26.29 -0.64 -3.7 97.6
-3000 -800
B&GIncGroClI 21.99 -0.31 -0.4 39.9 ClearBridge:
AB Funds: MidCapInst 36.37 0.37 8.7 17.6
AggressGrowthA101.94 -0.14 5.7 15.0 USLCpGr 27.26 -0.09 7.1 50.6 Mar Apr May Mar Apr May
MidCapInv n 30.46 0.30 8.6 16.8 USLgVa 41.02 -0.90 -0.6 58.7
CapFdInc.LCapGow 79.23 -0.20 13.5 39.1 AllCapValueA 12.06 -0.18 -1.0 54.6
USLgVaIII 26.85 -0.60 -0.6 59.2 A red chart indicates a lower value than the starting period. Green means it's higher than the starting period.
IntlStraEquPtZ 11.36 0.01 8.1 25.8 B AppreciationA 28.58 -0.18 6.3 49.2
USSoCoreEq2 20.32 -0.22 5.9 57.3 The charts above show four-week moving averages of net cash flow in millions of dollars. BARRON'S • Lipper FMI
MuniIncmShares 11.09 0.03 4.0 14.2 DividendStrat1 n 27.65 -0.19 3.9 54.1
AB Funds - A: USSustCoreI 31.87 -0.32 6.0 55.4
Baird Funds: DividendStratA 27.63 -0.19 3.8 52.8
USVectorEq 21.20 -0.39 -0.2 67.9
LgCpGrA 70.46 -0.18 13.3 37.8 AggBdInst 9.85 -0.01 3.7 -7.6 LargeCapGrowthA n 47.04 -0.02 17.6 31.6 Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
Dodge & Cox:
RelatValA 5.83 -0.10 -0.5 55.2 CorBdInst 10.12 -0.01 3.6 -5.6 LargeCapGrowthI 54.83 -0.01 17.8 32.8 NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
AB Funds - ADV: SmallCapGrowthIS 37.90 -0.86 1.6 31.5 Balanced n 94.64 -1.03 2.5 43.3
IntBdInst 10.31 0.02 3.2 -3.3 InflPrBdIndInsPr n 9.36 0.02 3.8 2.6 FF2010 n 13.37 -0.01 4.9 12.0 DivIntlK 40.41 0.05 11.1 31.8 SrsGroCoRetail 16.17 0.16 17.4 58.8
Cohen & Steers: Dodge & Cox n 10.48 0.02 4.5 9.3
GlbBd 6.85 0.00 3.1 -5.1 ShtTBdInst 9.33 0.02 2.2 1.0 IntlIdxInstPrem n 46.14 0.18 12.0 44.4 FF2015 n 10.86 -0.01 5.4 15.8 DivStkO n 27.89 0.03 8.3 49.8 SrsIntlSmCp 16.47 0.20 11.0 38.1
GblStock n 13.36 -0.17 5.9 71.5
HiIncmAdv 6.59 -0.03 3.6 18.7 Baron Funds: GlbRltyI 50.46 0.05 4.3 24.8 IntlIndex n 10.74 0.05 9.5 37.7 FF2020 n 13.53 -0.02 6.0 19.4 EmrMkt n 33.64 0.07 7.1 20.1 SrsIntlVal 10.83 -0.02 8.0 63.2
Income n 12.50 -0.03 3.5 -2.1
IntlStraEquPtADV 11.34 0.00 8.0 25.7 Asset n 89.54 -0.93 3.1 21.5 InstlRlty 43.67 -0.15 3.4 34.1 IntrTresBdIxPrem n 9.95 0.03 4.6 -11.5 FF2025 n 12.47 -0.03 6.4 22.7 Eq Inc n 64.02 -0.71 0.9 52.3 STBF n 8.33 0.02 2.3 0.1
Intl Stk n 46.74 -0.15 8.4 57.9
LgCpGrAdv 79.31 -0.20 13.4 38.8 Growth n 91.24 -0.70 7.4 51.4 PrefSecIncnI 11.04 -0.21 -4.2 -1.2 LgCpGwId InstPre n 24.08 0.03 15.7 47.5 FF2030 n 15.61 -0.04 6.7 27.5 EqDivIncm n 25.85 -0.41 1.2 56.6 StkSelSmCp n 28.71 -0.30 2.5 58.7
Stock n 215.39 -3.56 1.0 69.3
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
SelectUSLgShrt 12.54 -0.06 2.0 27.5 Partners n 127.75 0.63 14.5 126.5 RltyIncI 15.57 -0.08 3.4 33.8 LgCpVlIdxIstPrem n 14.91 -0.26 0.7 51.0 FF2035 n 13.50 -0.04 7.3 36.2 Fidel n 64.61 -0.22 10.8 41.5 StkSlcACap n 60.64 -0.31 9.0 49.7
DoubleLine Funds:
SmMidCpValAdv 19.90 -0.49 -1.8 67.9 Baron Instl Shares: RltyShs n 59.98 -0.20 3.3 33.1 LTTrsBdIdxInstPr n 10.67 -0.11 6.3 -31.5 FF2040 n 9.60 -0.03 8.0 41.8 FltRateHi n 9.09 -0.02 4.0 23.5 StratDivInc n 15.61 -0.15 2.1 36.2
Aberdeen Fds: Colorado BondShares: CoreFxdIncmI 9.43 -0.01 4.1 -3.2 MidCpInxInstPrem n 26.51 -0.32 2.3 48.4 FF2045 n 11.04 -0.03 8.1 42.0 FocsdStk n 25.39 0.09 7.4 37.8 TaxFrB n 10.90 0.04 3.7 4.2
AssetInst 94.62 -0.99 3.2 22.4 LowDurBdI 9.49 0.02 2.5 5.7
EmMktEqty Inst 12.92 -0.01 3.4 17.5 EmergingMktsInst 13.34 0.05 2.3 13.8 ColoradoBdShs 8.69 0.02 3.1 11.5 OTCK6Port 16.54 0.04 17.6 49.1 FF2050 n 11.16 -0.04 8.0 41.9 FournOne n 50.66 -0.14 7.7 35.6 TotalBond n 9.55 -0.02 3.8 -3.5
ShillerEnhCAPEI 12.50 -0.21 7.5 49.2 RealEstIdxInst n 14.79 -0.06 1.8 26.9 Free2055 n 12.94 -0.04 8.1 42.0 GNMA n 10.31 0.00 3.5 -8.5 TotalBond K6 8.90 -0.02 3.8 -2.7
Advisers Inv Trst: GrowthInst 96.15 -0.73 7.4 52.5 Columbia Class A:
TotRetBdI 9.01 0.00 4.1 -5.3 SAIUSLgCpIndxFd 18.20 -0.15 8.3 51.2 Free2060InstPrem 14.83 -0.05 7.9 36.4 GovtInc n 9.39 0.01 3.6 -12.0 Trend n 127.57 0.92 18.5 40.2
Balanced n 83.19 0.01 4.8 37.1 PartnersInst 132.80 0.66 14.6 128.3 BalancedA 43.71 -0.03 8.1 27.6 TotRetBdN n 9.01 0.01 4.0 -6.0 SeriesBondFd 9.10 -0.01 3.6 -9.3 Freedom2015 K 10.85 -0.01 5.4 16.0 GroCo n 26.79 0.27 19.0 54.6 Value n 12.47 -0.20 -0.2 90.8
Growth n 101.53 0.29 5.5 55.8 SmallCapInst 27.94 -0.75 5.5 32.6 ContCoreA 26.92 -0.05 10.9 49.3
SeriesOverseas 12.37 0.01 13.9 42.5 Freedom2020 K 13.53 -0.02 6.1 19.8 GroInc n 50.03 -0.88 5.5 66.5 ValueDisc n 34.76 -0.45 -1.1 60.2
Akre Funds: Bernstein Fds: DisplCoreA 11.74 -0.17 7.3 46.7 E
SerLTTreBdIdx 6.16 -0.07 6.2 -31.6 Freedom2020K6 13.47 -0.02 6.1 20.1 GrowCoK 26.92 0.27 19.1 54.9 Wrldw n 27.36 0.03 8.8 35.7
AkreFocusInst 51.66 -0.53 7.5 26.6 DivrMuni n 13.82 0.02 2.2 4.2 DivIncA 28.68 -0.38 -0.3 47.4
Eaton Vance Class A: SmCpIdxInstPrem n 21.81 -0.10 0.5 43.8 Freedom2025 K 12.46 -0.02 6.5 23.0 GrStrt n 49.41 -0.44 5.8 29.5 Fidelity SAI:
AkreFocusRtl 49.76 -0.51 7.4 25.6 IntmDur n 11.51 -0.01 3.4 -7.1 DivOpptyA 33.72 -0.74 -2.4 46.4
STBdIdx InstPrem n 9.67 0.02 2.6 -2.8 Freedom2025K6 12.42 -0.02 6.5 23.4 GwthDiscovery n 45.34 0.34 11.1 49.4 FidSAIEmgMktIndx 12.68 0.07 4.0 17.3
AmanaGrowth n: NY Mun n 13.36 0.03 2.3 4.9 LgCpGrowA 47.99 0.18 15.7 36.7 TMG1.1 81.34 -0.85 9.2 49.7 STTreIdx InstPre n 10.07 0.03 2.7 -3.9 Freedom2030 K 15.61 -0.03 6.8 27.9 HighInc n 7.37 -0.04 3.1 7.3 FidSAIIntlIndxFd 13.17 0.05 12.1 44.4
AmanaGrowth n 61.49 -0.36 7.5 58.5 BlackRock Funds: LgCpVl A 14.65 -0.26 -0.9 53.0 Eaton Vance Class I: TMktIdxInstPrem n 113.73 -0.86 7.5 49.0 Freedom2030K6 15.55 -0.04 6.8 28.4 IntBd n 10.09 0.01 3.2 -2.9 IntlValIdx 9.16 0.00 10.1 55.8
Amer Beacon Insti: CoreBd Inst 8.47 -0.01 4.3 -7.1 LiGoBalA 10.44 -0.02 6.6 23.4 AtlCpSMID 34.20 -0.26 0.1 53.7 TotalMarketIndex n 14.36 -0.11 7.6 50.0 Freedom2035 K 13.49 -0.04 7.3 36.5 IntlDisc n 43.37 0.22 9.4 30.0 LowDurationInc 9.97 0.00 1.8 NS
HiYBlk 6.79 -0.04 4.6 16.2 SelgComuInfoA 90.94 0.05 11.2 70.7 FltgRt 8.27 -0.03 3.8 19.0 TtlIntIdxInstPr n 12.78 0.06 9.1 37.6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
SmCpInst 21.92 -0.35 -2.3 79.7 Freedom2035K6 13.46 -0.03 7.5 37.2 IntlEnhIdx n 10.46 0.02 11.8 43.7 Muni Inc 9.83 0.03 3.6 3.7
HiYldBd Inst 6.79 -0.03 4.6 16.0 TaxEA 11.78 0.06 3.5 1.6 GblMacAbR 8.20 0.04 2.7 12.1 USBdIdxInstPrem n 10.45 -0.01 3.6 -9.3
American Century G: Freedom2040 K 9.61 -0.03 8.0 42.4 IntlGrRet n 17.86 0.00 12.2 32.4 SAIEmgMktLoVolIx 10.44 0.12 6.7 31.5
InflProtBdInst 10.05 0.01 4.0 4.5 Columbia Class Adv: IncBos 4.98 -0.03 4.3 16.6 USSusIdx n 18.08 -0.11 8.5 49.1
GlBond 8.68 0.00 4.0 -4.0 Freedom2040K6 9.56 -0.03 8.0 42.9 IntlSmCap n 29.52 0.22 10.4 48.6 SAIInflaFocFd 9.20 -0.09 -6.0 76.4
LowDurI Inst 8.97 0.02 2.4 1.7 DivIncom 29.27 -0.37 -0.2 48.6 NatlMuniInc 9.27 0.05 3.9 3.1 Fidelity Adv Focus A: Freedom2045 K 11.03 -0.04 8.1 42.5 IntMu n 10.06 0.02 2.4 3.4
Sustain Equity 41.75 -0.16 7.7 51.1 ShortTermBd 9.60 0.01 2.1 NS
BlackRock Funds A: Columbia Class C: Edgewood Growth Instituti: HthCarA 60.90 0.94 5.4 21.0 Freedom2045K6 10.98 -0.04 8.2 43.0 InvGB n 7.25 -0.02 3.9 -6.2
American Century I: TotalBd 9.04 -0.02 3.8 -2.5
AdvLgCapCore 16.28 -0.13 6.9 45.3 DivInc 27.68 -0.36 -0.6 44.1 EdgewoodGrInst 35.86 -0.75 14.6 18.7 TechA 77.53 1.56 24.8 63.2 Freedom2050 K 11.16 -0.04 8.1 42.5 InvGrBd 10.11 -0.02 4.0 -3.6 TxFreeBd 9.95 0.04 3.5 4.4
EqInc 8.88 -0.10 1.8 38.3
CapAppr 26.35 0.02 18.4 23.3 Columbia Class I: Fidelity Advisor: Freedom2050K6 11.14 -0.03 8.3 43.2 LargeCap n 40.24 -0.73 7.1 67.9 U.S.TreBdIdx 8.93 0.01 3.9 -12.1
Growth 42.75 0.19 16.8 41.1 F
EqtyDivd 18.70 -0.25 3.2 51.3 Acorn I 9.71 -0.05 8.2 12.8 SrsAdvIntlCapApp 26.70 0.03 14.2 31.4 Freedom2055 K 12.94 -0.05 8.1 42.4 LCapCrEIdx n 19.13 -0.16 7.1 52.5 Fidelity Selects:
IntTF 10.81 0.04 2.7 4.3
GlblAlloc 17.14 -0.08 4.1 19.9 Balanced I 43.60 -0.03 8.2 28.6 StragInc n 11.12 -0.03 3.6 8.7 Freedom2055K6 12.92 -0.04 8.2 43.1 LCapGrEIdx n 26.06 0.01 13.7 48.5
MdCapVal 15.44 -0.22 0.2 60.4 FAM Value: Biotech n 17.05 0.73 4.7 4.2
HlthScOp 66.57 0.35 1.4 26.8 ContCore I 27.25 -0.04 11.0 50.4 TotBdFdClZ 9.53 -0.03 3.7 -3.3 Idx2020InsPre 14.94 -0.03 6.0 15.1 LevCoSt n 32.91 -0.30 5.4 63.3
SmCapVal 8.92 -0.20 -2.1 78.4 FAMValue n 83.75 -0.89 1.5 41.0 DfAero n 15.40 -0.36 -0.2 47.8
MdCpGrA 27.35 -0.30 7.1 13.2 DivIncom I 28.72 -0.37 -0.2 48.6 Fidelity Advisor A: Idx2025InsPre 16.93 -0.03 6.4 18.2 LgCpVHIdx n 14.29 -0.25 -0.3 55.5
American Century Inv: Federated Hermes A: Energy n 51.54 -3.23 -8.1 164.2
MultiAstIncome 9.77 -0.04 4.3 12.8 LgCpIdx I 48.37 -0.38 8.2 50.5 BalancA 23.89 -0.11 8.5 35.3 Idx2030InsPre 17.92 -0.04 6.7 22.6 LmtTrmMuniIncm n 10.22 0.02 1.2 1.3
DiscCoreVal n 29.56 -0.54 -3.3 34.5 Gold n 26.56 1.15 18.9 -3.0
NatlMuni 10.12 0.03 2.9 1.5 SelComunInfo 105.36 0.06 11.4 72.0 StrValDivA p 5.53 -0.12 -3.3 44.9 EqGrA p/r 14.10 0.11 11.0 48.4 Idx2035InsPre 20.08 -0.05 7.3 30.7 LowP n 46.90 -0.35 1.5 64.6
EqGro n 23.03 -0.23 5.0 30.5 Health n 29.14 0.46 5.5 24.3
ScTechOppA 39.75 0.01 16.3 24.7 SelLCVal 30.47 -0.42 -2.5 64.9 Federated Hermes Int: GrOppA 100.81 0.59 14.0 30.7 Idx2040InsPre 20.45 -0.05 7.9 36.3 LowPriStkK 46.84 -0.36 1.6 64.9
EqInc n 8.86 -0.11 1.6 37.4 HlthCareSrvPt r n 127.53 -1.09 -3.4 42.8
TotRet 10.17 -0.02 4.2 -6.0 StratInc I 20.95 -0.03 3.8 8.3 InsHiYld 8.46 -0.06 4.0 11.5 NwInsghtA 28.24 -0.18 12.3 35.1 Idx2045InsPre 21.26 -0.06 8.0 36.4 LowPriStkK6 14.28 -0.11 1.6 64.8
Grwth n 41.48 0.18 16.7 40.3 ITSvs n 54.75 -1.49 4.2 5.1
BlackRock Funds III: TotReBd I 30.70 -0.02 4.5 -3.8 TtlRtnBdI 9.68 0.00 3.5 -3.1 StrInA 10.96 -0.03 3.5 7.7 Idx2050InsPre 21.29 -0.07 8.0 36.4 LtdTmBdFd n 11.02 0.03 2.8 -0.5
Heritage n 19.41 -0.10 6.2 30.3 MdTchDevis n 65.63 0.17 6.6 30.6
iShS&P500IdxK485.31 -3.83 8.3 51.1 Columbia Class I2: Federated Hermes IS: Fidelity Advisor Fun: Idx2055InsPre 17.52 -0.05 7.9 36.4 Magin n 11.71 0.03 9.5 33.2
MdCapVal n 15.42 -0.22 0.1 59.5 Retail n 16.98 -0.20 7.2 34.2
iShUSAggBdIdxK 9.14 -0.01 3.3 -9.5 KaufmnSCI 44.09 0.35 6.1 13.1 Idx2020 Premier 14.94 -0.02 6.0 NS MAMun n 11.33 0.04 2.5 0.5
OneChMod n 13.56 -0.03 5.7 25.4 DivIncom 29.23 -0.38 -0.2 48.8 InterDiscZ 43.16 0.22 9.4 30.4 Semiconductors r n 18.95 0.43 30.0 117.7
BlackRock Funds Inst: StraValDivIS 5.57 -0.12 -3.2 45.9 Idx2025 Premier 16.92 -0.03 6.4 NS Manager40 n 11.97 -0.01 5.4 16.6
Select n 88.01 0.36 16.9 41.5 Columbia Class I3: Fidelity Advisor I: Softwr n 22.74 -0.14 15.7 36.5
UltraShortI 9.04 0.00 1.9 4.5 Idx2030 Premier 17.91 -0.04 6.6 NS Manager60 n 13.85 -0.01 6.8 25.8
Ultra n 65.09 0.43 18.0 46.3 AdvLgCapCore 17.22 -0.14 7.0 46.3 ContCore I3 27.97 -0.04 11.0 51.0 BalancI 24.52 -0.11 8.6 36.3 Tech n 22.39 0.45 25.5 55.5
Idx2035 Premier20.08 -0.05 7.3 NS MidCap n 37.25 -0.81 -0.6 68.8
American Century R6: CAInsMun 11.84 0.03 1.9 6.3 DivIncom 29.28 -0.38 -0.2 49.0 Federated Hermes R: ConsvIncmMuni I 9.99 0.00 1.1 2.8 UtilGr n 102.48 0.10 -1.3 44.1
Idx2040 Premier20.44 -0.06 7.9 NS MidCapEnIdx n 15.62 -0.20 1.1 52.2
MdCapVal 15.44 -0.22 0.3 61.2 EmgMkts 23.04 -0.06 3.5 16.3 Credit Suisse Common: KaufmnR 4.89 0.05 4.7 -4.9 EqGrI 16.31 0.12 11.1 49.5 Fidelity Series:
Idx2045 Premier 21.25 -0.07 7.9 NS MuniInc n 12.16 0.04 3.4 3.9
SmCpVal 8.92 -0.20 -2.1 79.2 EqtyDivd 18.79 -0.25 3.3 52.4 Federated Hermes R6: FAEmgMktI 27.64 0.03 3.3 24.5 Canada 14.15 0.09 7.8 72.1
ComdtyRet 23.06 -0.28 -7.5 73.2 Idx2050 Premier 21.29 -0.06 8.0 NS NASDAQ n 154.67 0.13 17.3 42.5
American Funds Cl A: FloRateIncPorIns 9.51 -0.03 4.0 20.4 FedInstHYBondL 8.47 -0.06 4.1 11.5 FAInvGrdI 7.26 -0.01 3.9 -6.3 IntMuni Z 10.08 0.02 2.5 3.5
Idx 2055 Premier 17.51 -0.06 8.0 NS NewInsights Z 29.62 -0.19 12.5 36.6
GlblAlloc 17.33 -0.08 4.2 20.8 D StrValL 5.57 -0.12 -3.2 46.0 FltRatel 9.08 -0.02 3.9 23.3 FidelityAdviAsset:
2020TarRetA 12.64 -0.03 3.9 17.5 Income n 10.30 -0.02 4.0 5.8 NewMill n 42.36 -0.19 7.1 76.4
HiEqInc 27.28 -0.51 2.8 56.4 TtlRtnBdL 9.67 0.00 3.4 -3.1 GrOppI 111.64 0.65 14.1 31.7
2025TarRetA 14.06 -0.04 4.5 20.3 Fidelity Invest: NewMkt n 11.46 -0.04 1.3 0.2 ADVAssetMan60 13.84 -0.01 6.7 26.0
HlthScOp 71.08 0.38 1.5 27.8 Davis Funds A: Fidelity: HthCarI 67.64 1.05 5.5 22.0
2030TarRetA 15.29 -0.05 5.2 24.4 AggrInt n 23.83 0.03 14.2 31.5 OTC n 15.03 0.03 17.1 47.6 First Eagle Funds:
MdCpGrEq 32.19 -0.36 7.2 14.0 NYVen A 23.61 -0.52 6.4 38.3 IntlGr 17.82 0.00 12.2 32.4
2035TarRetA 16.38 -0.05 6.0 30.7 500IdxInstPrem n 143.65 -1.13 8.3 51.2 AilSectEq 9.51 -0.07 9.8 58.8 OTC K 15.37 0.03 17.2 48.0 GlbA 62.34 -0.23 7.5 40.2
MultiAstIncome 9.78 -0.05 4.4 13.6 Davis Funds C & Y: MuniIncI 10.08 0.03 2.5 3.1
2040TarRetA 16.96 -0.07 6.5 33.8 BalancedK6 12.79 -0.06 8.7 38.4 AMgr20% n 13.11 -0.03 3.6 7.2 Ovrse n 57.40 0.05 13.5 37.9 OverseasA 24.49 0.13 9.0 27.5
NatlMuni 10.12 0.03 3.1 2.4 NwInsghtI 29.49 -0.19 12.4 36.2
2045TarRetA 17.30 -0.08 6.7 34.1 NYVenY 24.52 -0.54 6.5 39.4 Contrafund K6 19.03 -0.17 13.2 36.7 AMgr50% n 18.72 -0.01 6.0 21.0 PuritanK 21.76 0.00 6.7 31.5 FPA Funds:
ScTechOppInst 43.74 0.00 16.4 25.7 REIncmInst 11.25 -0.08 2.5 28.5
2050TarRetA 16.94 -0.08 6.9 33.8 Del Invest Instl: EmgMktIdxInstPre n 9.82 0.06 4.1 17.7 AMgr70% n 24.15 -0.03 7.3 31.2 Puritn n 21.78 0.00 6.7 31.2 NwInc n 9.60 0.02 2.7 3.1
StratIncOpptyIns 9.25 0.00 2.1 8.0 StrInI 11.12 -0.03 3.6 8.5
AmcpA 33.27 -0.15 10.6 27.0 Value 17.71 -0.33 -3.5 42.7 ExtMktIdxInstPre n 64.82 -0.37 3.0 37.6 AMgr85% n 22.37 -0.02 8.2 38.8 RealE n 38.47 -0.17 3.1 28.5 FPA Funds Trust:
StratMuniOppI 10.47 0.04 2.3 5.9 Total Bd 9.53 -0.03 3.6 -3.7
AMutlA 49.10 -0.43 1.8 44.3 Deutsche DWS: FidAdAsset 13.11 -0.02 3.6 7.4 AstMgr30R n 11.19 -0.02 4.6 11.8 RealEstInc n 11.31 -0.07 2.6 28.5
TotRet 10.17 -0.01 4.3 -5.2 Fidelity Advisor M: FPACres Inst n 35.70 -0.06 7.1 50.2
BondA 11.64 0.01 3.4 -6.6 FidAdEm 33.62 0.08 7.1 NS Balanc n 24.81 -0.11 8.6 36.9 SAIIntlMinVolInd 10.87 0.03 10.6 22.0
BNY Mellon Funds: CoreEq n 27.56 -0.30 6.2 50.0 Balanced 24.27 -0.12 8.4 34.3 Franklin A1:
BalA 29.67 -0.18 3.5 23.7 FidSAI 8.59 -0.05 3.1 NS BalancedK 24.81 -0.11 8.6 37.2 SAILTTreBdIdx 7.99 -0.11 6.2 -33.4
Aprec n 38.54 -0.40 8.9 52.1 Diamond Hill Funds: EqGr 13.59 0.10 10.8 47.3 CA TF A1 6.84 0.03 2.9 0.8
CapIBA 64.54 -0.48 3.2 29.3 FidSAIEmerg 11.64 0.12 7.3 NS BluCh n 135.76 1.21 20.7 47.6 SAIUSMinVolIndFd 17.47 -0.01 5.6 38.6
CapWA 16.57 0.07 3.4 -10.1 Dr500In n 47.17 -0.38 8.1 49.1 LgCapI 28.88 -0.44 -0.6 46.5 FidSer5 8.07 0.01 4.8 NS GrOppM 99.16 0.57 13.9 29.7 SAIUSQtyIdx 17.02 -0.08 11.2 49.0 Fed TF A1 10.77 0.05 3.6 0.6
BluChpGr K6 20.91 0.18 20.9 50.1
CapWGrA 55.18 -0.22 7.4 37.0 Dreyf n 14.34 -0.05 9.7 54.4 LgCapY 28.91 -0.44 -0.5 47.1 FidSer0-5 9.54 0.03 2.8 NS NwInsghtM 26.36 -0.17 12.2 34.1 SmCapDisc n 23.43 -0.27 2.1 73.6 HiInc A1 1.65 -0.01 4.6 15.4
BluChpGrK 136.42 1.23 20.8 48.0
EupacA 54.52 0.15 11.2 31.9 DreyMid r Inv n 27.00 -0.32 1.6 57.8 LongShortI 25.20 -0.52 1.0 35.0 FIDSerEmgMkt 8.08 0.03 4.4 14.6 Fidelity Advisor Z: SmlCapO n 11.99 -0.12 2.7 54.5 HY TF A1 8.78 0.03 3.0 2.8
CAMun n 12.07 0.04 2.8 1.4
FdInvA 64.20 -0.59 6.9 43.8 GlFxIncI 19.40 0.02 3.4 -0.7 Dimensional Fds: FidSerInt 8.58 0.01 3.5 NS AssetManager50% 18.66 -0.02 6.1 21.3 SmlCpGrth n 24.66 -0.29 4.2 35.5 IncomeA1 2.29 -0.03 3.2 37.3
CapAp n 34.42 0.06 7.9 50.4
GBalA 34.23 -0.03 5.7 20.0 InstS&PStkIdx I 57.06 -0.68 8.2 50.4 2TGlFxd 9.67 0.01 1.7 -1.1 FidSerToMarket 13.55 -0.10 7.6 49.0 AsstMngr70 24.12 -0.02 7.3 31.5 CapDevO n 18.52 -0.34 7.2 67.0 SmlCpGrth K6 13.18 -0.16 4.4 36.7 NY TF A1 9.95 0.04 3.7 -0.5
GovtA 12.55 0.03 3.3 -8.0 IntlStkI 23.67 0.24 15.4 32.1 5GlbFxdInc 10.02 0.02 1.9 -5.2 FIDZroExtMktIx n 10.65 -0.11 1.2 53.4 FloatRateHighInc 9.09 -0.02 4.0 23.7 CnvSc n 30.25 -0.07 2.0 40.3 SmlCpGrth Z 24.91 -0.30 4.3 35.9 US Gov A1 5.18 0.01 3.0 -9.4
GwthA 55.16 -0.26 11.5 31.4 IntlStkY 23.38 0.24 15.5 32.3 DFARlEst 37.21 -0.14 1.8 26.8 FIDZroLgCpIx n 14.54 -0.11 8.5 49.3 GovtIncome 9.40 0.00 3.6 -11.8 Contra n 13.61 -0.11 14.2 37.1 SmlCpVal n 17.60 -0.23 -0.8 84.3 Utils A1 21.49 0.03 0.2 34.8
HI TrA 9.16 -0.04 3.3 21.1 SmMidCpGrI 23.74 0.14 4.3 9.4 EmgMkt 26.54 0.14 5.4 30.4 Flex 500 Index 17.65 -0.14 8.3 51.2 GrOpp 113.14 0.66 14.2 32.1 ContraK 13.66 -0.11 14.2 37.4 Srs1000ValIndRet 13.87 -0.24 0.8 51.3 Franklin Templeton:
HiInMuniA 14.71 0.05 3.4 8.3 StrgVal I 38.79 -0.89 0.3 89.8 EmgMktSoCoEq 13.37 0.10 6.2 31.6 FlexIntIdx 12.28 0.06 9.4 37.0 InvestGradeBd 7.26 -0.02 3.9 -6.0 CpInc n 9.22 -0.05 4.0 30.4 SrsBlChGroRetail n 12.10 0.12 21.2 52.5 TgtModA 13.44 NA NA NA
ICAA 44.29 -0.41 7.7 45.9 BNY Mellon Funds Tru: EmgMktVa 28.12 0.27 6.6 48.0 FlexUSBdIdx 9.21 -0.01 3.6 -9.3 NewMktsIncFdZ 11.46 -0.04 1.3 0.5 DisEq n 50.47 -0.20 10.4 36.8 SrsCommStrt 97.51 -1.19 -7.4 69.6 FrankTemp/Frank Adv:
IncoA 22.81 -0.19 1.6 32.9 MCMultiStrM 16.33 -0.15 3.0 43.8 EmMktCorEq 21.37 0.13 6.2 37.9 Freedom2060K 11.90 -0.04 8.1 42.4 RE Income 11.25 -0.08 2.6 29.0 DivGth n 29.88 -0.24 3.1 56.5 SrsEmrgMkt 16.56 0.08 6.0 18.3 CA TF Adv 6.83 0.03 2.9 1.3
IntBdA 12.71 0.05 3.3 -3.0 NtlIntmMuni 12.95 0.03 2.7 2.9 EmMktSmCp 21.44 0.19 6.0 53.0 GlexUSIdxInstPre n 13.74 0.06 9.5 36.8 StkSelAllCap 60.23 -0.31 9.1 50.2 DivIntl n 40.49 0.05 11.1 31.3 SrsGlobal 13.52 0.06 9.5 36.9 CvtScAdv 19.75 -0.03 2.8 38.3
IntlGrIncA 34.75 -0.11 9.5 41.0 Bridge Builder Trust: Fixd 10.14 0.01 1.6 0.3 GrowthCompanyK6 18.10 0.18 17.6 55.8 Fidelity Freedom: DivIntl K6 13.01 0.01 10.9 32.8 SrsIntlGrw 16.06 0.00 12.6 36.2 Dynat Adv 112.10 0.49 16.2 18.5
48 BARRON’S May 8, 2023
GMO Trust Class VI: Balanced T n 39.63 -0.18 6.4 26.2 MuniBd pn 11.61 NA NA NA R2015 n 11.82 -0.01 5.3 20.0 LgCpStk 24.02 -0.16 7.2 41.9
ShtDurInc p 3.86 0.00 2.3 4.9 STIPSIxAdm n 24.03 0.05 2.7 9.8 STBdIdxInstPl 10.06 0.02 2.7 -2.5
Quality 25.78 -0.09 11.8 55.8 Enterprise T n 124.96 -1.15 5.5 45.1 Sm&MdCapStrategi n 14.23 NA NA NA R2020 n 17.65 -0.01 5.4 22.8 MidCapStk 26.59 -0.33 3.0 66.3
STsryAdml n 10.00 0.03 2.0 -2.5 STBDInst 10.06 0.02 2.6 -2.5
Goldman Sachs Inst: Grw&Inc T n 66.75 -0.45 5.9 53.7 MN Optimum Funds Inst: R2025 n 15.46 -0.02 5.7 26.5 Thrivent Funds S:
STTresIdx n 19.52 0.06 2.2 -2.3 STCorpIxInst p 25.43 0.02 2.5 0.6
EmgMktEq 20.82 NA NA NA Resh T n 54.65 0.07 15.2 32.9 Fixed Inc 8.27 0.00 3.4 -7.4 R2030 n 23.22 -0.04 6.2 30.0 LgCpVal n 25.39 -0.48 -0.3 67.4 STIGradeInst 10.12 0.01 2.7 0.7
TotBdAdml n 9.73 -0.01 3.7 -9.2
HYMuni 9.08 0.03 4.1 8.9 Jensen I : MainStay Fds A: LgCpGrwth 18.40 0.06 15.8 24.2 R2035 n 18.23 -0.04 6.7 33.3 MidCapStk n 31.40 -0.40 3.1 67.5 STIPSIxins 24.05 0.05 2.7 9.9
TotIntBdIdxAdm n 19.55 0.00 3.8 -9.1
Muni 15.12 0.05 3.0 6.8 HiYldBdA 5.02 -0.02 4.1 15.2 LgCpVal 18.67 -0.20 0.1 51.1 R2040 n 26.16 -0.06 7.1 36.3 TIAA-CREF/Instl Cl: STTresIdx 24.52 0.07 2.2 -2.2
Jensen I 57.82 -0.48 6.1 48.3 TotIntlAdmIdx nr 30.30 0.13 9.0 38.0
ShDuTF 10.29 0.02 1.4 1.4 TxFrBdA 9.44 0.03 3.0 1.7 Osterweis Strat Income: Ret2045 n 18.55 -0.03 7.4 38.9 CoreBond Inst 9.18 -0.03 3.6 -5.5 TotBdInst 9.73 -0.01 3.7 -9.1
JensenQualGrJ n: TotStAdml n 99.66 -0.75 7.5 49.1
Guggenheim Funds Tru: Mairs&Power: OsterweisStrInc n 10.56 -0.01 3.5 18.9 Ret2055 n 16.37 -0.03 7.5 39.0 CorePlsBd 9.17 -0.03 3.6 -3.7 TotBdInst2 9.62 -0.01 3.7 -9.0
JensenQualGrJ n 57.88 -0.49 6.0 47.4 TxMBal nr 38.07 -0.07 5.2 24.6
RetBal Inc n 12.45 -0.01 4.7 17.3 TIAA-CREF/Retail Cl: TotBdInstPl 9.73 -0.01 3.7 -9.1
MacOppFdClInstl24.03 -0.05 3.5 13.7 JHF III DispVal: MairsPwrGr n 129.18 0.07 9.5 46.2 TxMCapAdml n 213.23 -1.44 8.2 50.6
PQ SciTec n 32.55 -0.29 24.6 31.9 TotIntBdIdxInst 29.33 0.00 3.8 -9.0
TotRtnBdFdClInst 23.85 -0.05 4.3 -3.3 DispVal I 20.54 -0.29 -1.7 60.8 Mass Mutual: EqIdx n 29.74 -0.23 7.4 48.3 TxMIn nr 14.95 0.07 11.0 44.0
Sht-Bd n 4.54 0.01 2.3 1.3 TotStInst 99.68 -0.74 7.5 49.1
GuideStone Funds: DispValMCI 24.58 -0.32 0.7 64.5 SelBluChipGroClI 19.66 0.05 20.9 27.1 Gro&Inc n 21.11 -0.23 10.7 47.7 TxMSC nr 75.93 -0.59 -1.1 60.4
Parnassus Fds: SmCap n 46.88 -0.47 -2.1 51.3 TtlWrldIxInst p 190.01 -0.48 8.2 44.5
EqindxGS2 42.63 NA NA NA DispValMdCp 23.37 -0.30 0.6 63.3 MassMutual Select: TIAA/CREF Funds: USGroAdml n 117.73 0.70 16.2 21.3
ParnEqFd n 51.20 0.03 9.3 52.8 SmCapStk n 52.75 0.14 2.7 38.9 TxMCaInst r 105.94 -0.72 8.2 50.7
MedDurGS2 12.91 NA NA NA DispValMdCpR624.58 -0.31 0.7 65.1 BdIdxInst 9.70 -0.01 3.7 -9.4 UtilIxAd nr 75.16 0.04 -1.5 32.0
MCGrEqIII 18.54 0.02 6.1 32.6 Pear Tree: SpecGr n 21.52 -0.08 6.6 43.3 ValueInst 54.00 -0.83 -0.8 55.4
DispValR6 20.59 -0.29 -1.6 61.3 EqIdxInst 29.18 -0.23 7.5 49.5 ValAdml n 54.00 -0.83 -0.8 55.4
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
817,926
739,997
3
341,208 340,816 827,963
644,144 724,704 91,824
1,476,745 1,617,486 3,710,308
4 5
Industrials 11:00
11:30
34215.58
34150.67
33529.41
33480.79
33646.56
33618.19
33066.31
33059.45
33562.10
33565.52
NYSE Amer Off
NASD Up
5,394
2,459,008
5,611
1,893,178
3,694 3,899 1,914
2,314,719 2,092,882 3,680,590
35225 12:00 34163.94 33516.94 33675.16 32988.02 33528.72 NASD Off 2,684,727 3,515,736 3,407,381 2,608,712 866,200
12:30 34197.24 33549.33 33695.22 33067.47 33524.80 NYSE Arca UP 63,831 85,521 117,305 140,430 210,531
Week's NYSE Arca Off 170,570 257,105 204,531 223,181 60,116
Components Change 1:00 34217.11 33575.05 33725.36 33093.26 33538.21
1:30 34171.09 33606.27 33746.78 33154.60 33561.77 % (QCHA) –.12 –1.62 –.32 –1.37 +2.07
3M -2.87 % (QACH) –.32 +.38 +.94 –.29 +1.88
2:00 34168.05 33650.40 33724.84 33114.28 33582.28
American Express -8.69 34650 2:30 34134.94 33614.11 33733.87 33068.94 33639.41
% (QCHAQ) +.53 –1.34 +.51 –.47 +1.91
Amgen -3.21 3:00 34088.75 33666.13 33687.18 33103.39 33719.10 Market Advance/Decline Totals
Apple 3.89 3:30 34068.65 33700.67 33447.49 33111.47 33696.41 NYSE NYSE
Boeing -8.44 Weekly Comp. NYSE Amer Nasdaq Arca
Close 34051.70 33684.53 33414.24 33127.74 33674.38
Total Issues 3,206 343 5,055 1,977
Caterpillar -3.71 34075 High (t) 34374.45 34084.16 33945.09 33486.74 33810.18 Advances 1,110 172 2,286 729
Chevron -8.37 Low (t) 33913.89 33368.40 33335.22 32850.27 33284.96 Declines 2,042 161 2,633 1,214
Cisco Systems -1.00 High (a) 34257.83 34017.75 33811.84 33354.86 33748.43 Unchanged 54 10 136 34
Coca-Cola -0.13 Low (a) 34030.14 33436.66 33396.05 32937.50 33248.55 New Highs 187 14 276 146
Disney -1.98 Change –46.46 –367.17 –270.29 –286.50 +546.64 New Lows 358 36 784 96
Dow 0.01 33500 Week ended last Friday compared to previous Friday
Goldman Sachs -16.42 Theoretical (t): High 34374.45 Low 32850.27
Home Depot -10.92 Actual (a): High 34257.83 Low 32937.50 NYSE Composite Daily Breadth
Honeywell International -1.42 Daily May 1 2 3 4 5
IBM -2.76 32925 Issues Traded 3,096 3,094 3,095 3,065 3,073
Intel -0.07 Dow Jones 20 Transport (divisor: 0.16343894576034) Advances 1,212 603 1,130 868 2,549
Johnson & Johnson -1.02 Declines 1,776 2,398 1,841 2,108 438
Open (t) 14036.13 14059.62 14015.20 13938.48 13976.78 Unchanged 108 93 124 89 86
JPMorgan Chase -1.50 Open (a) 14016.30 14100.25 14000.43 13976.69 13918.35 New Highs 83 41 79 38 48
McDonald's 0.85
Merck 2.21 32350 10:00 14119.69 13965.41 14050.35 13868.89 14097.87 New Lows 35 152 104 258 49
10:30 14141.09 13835.26 14101.49 13854.50 14039.34 Blocks - primary 3,934 4,515 4,349 4,793 4,727
Microsoft 3.39 Total (000) - primary 792,214 969,771 996,297 1,070,277 925,736
11:00 14103.33 13852.76 14104.44 13799.62 14003.01
Nike Cl B -0.13 Total (000) 3,321,377 4,486,131 4,246,517 4,920,099 4,186,270
11:30 14081.82 13827.20 14095.54 13849.24 14037.46
Procter & Gamble -0.35
12:00 14100.21 13900.40 14113.99 13832.61 14047.66 NYSE American Composite
Salesforce -0.78 31775 12:30 14137.20 13866.65 14103.56 13769.18 14061.35 Daily May 1 2 3 4 5
Travelers Cos 1.16
1:00 14193.33 13883.36 14105.77 13822.15 14065.10 Issues Traded 308 315 319 313 320
UnitedHealth Group 2.19
1:30 14187.40 13931.59 14125.06 13848.06 14087.49 Advances 120 131 134 152 211
Verizon Communications -1.00
2:00 14162.61 13976.49 14125.95 13860.70 14105.51 Declines 166 164 170 142 89
Visa Cl A -0.95
Walgreens Boots Alliance -3.08 31200 2:30 14162.80 13943.82 14145.33 13873.74 14118.34 Unchanged 22 20 15 19 20
3:00 14178.01 13951.66 14164.46 13834.40 14162.51 New Highs 3 2 7 3 8
Walmart 0.80 November December January February March April May New Lows 6 19 14 17 4
3:30 14164.57 14013.88 14086.70 13845.45 14172.75
Blocks - primary 82 90 119 110 98
Close 14162.90 13986.32 14008.81 13828.59 14123.13
Total (000) - primary 8,938 9,241 11,240 8,885 9,102
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
High (t) 14273.40 14109.55 14244.34 14027.75 14224.21 Total (000) 119,385 135,638 175,583 133,918 104,719
Transportation Low (t)
High (a)
13962.06 13746.57 13926.18 13722.28
14200.83 14100.25 14218.03 13998.07
13926.24
14199.16 Nasdaq
16025 Low (a) 14016.30 13794.05 14000.43 13761.66 13918.35 Daily May 1 2 3 4 5
Week's Change +141.03 –176.58 +22.49 –180.22 +294.54 Issues Traded 4,596 4,624 4,566 4,601 4,583
Components Change Advances 2,048 1,281 2,180 1,745 3,221
15600 Theoretical (t): High 14273.40 Low 13722.28 Declines 2,388 3,127 2,186 2,662 1,180
Alaska Air Group -0.30 Actual (a): High 14218.03 Low 13761.66 Unchanged 160 216 200 194 182
American Airlines Group 0.23 New Highs 103 62 78 60 99
Avis Budget Group -9.20
15175 New Lows 198 442 281 476 135
CH Robinson Worldwide 3.63 Dow Jones 15 Utilities (divisor: 1.27924906167720) Blocks - primary 46,644 44,570 51,675 26,304 25,790
CSX 1.22 14750 Total (000) 5,168,439 5,501,415 5,782,162 4,745,781 4,574,791
Open (t) 958.10 960.99 954.97 949.31 952.89
Delta Air -0.37 NYSE Arca Composite
Open (a) 958.52 960.09 954.49 947.25 953.68
Expeditors Intl of Wash 3.83 Daily May 1 2 3 4 5
14325 10:00 958.83 958.00 951.56 944.25 959.42
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
November December January February March April May Low (t) 954.95 942.20 943.79 940.29 950.11 NYSE Amer Comp 4173.10 4038.06 3934.30 3914.13 4023.65
High (a) 970.64 962.11 958.89 959.86 963.41 AmMajorMkt 3138.46 3100.34 3076.20 3049.86 3094.13
13782.03 11195.10 DJ US Small TSM 12237.61 11856.44 12134.91 –103.49 –0.85 –499.67 –3.95 83.80 0.70 Divs Yield % 1.51 1.50 1.39 2:30-3:00 27,588 30,674 64,159 35,322 33,764
933.75 760.10 Barron's Future Focus 873.10 852.41 868.90 –3.03 –0.35 1.14 0.13 56.73 6.99 Divs $ 88.60 88.51 79.72 3:00-3:30 30,492 39,412 64,894 43,126 36,261
Mkt to Book 5.35 5.38 5.50
1023.20 825.73 Barron's 400 917.12 881.58 903.58 –13.86 –1.51 –49.16 –5.16 –16.81 –1.83 3:30-4:00 416,757 437,497 492,989 440,322 428,180
Book Value $ 1095.83 1095.83 1042.07
High/Low's are based upon the daily closing index. a-Arithmetic Index. G-Geometric Index. V-Value 1000 and Growth 1000 y-Dec. 31,1965=50 z-Dec. 31,2002=5000
Selected IPOs
U.S. Dollar Index vs Euro and Yen Per Share Values of Stocks Ticker Initial Offer Price IPO Date Recent Price %Chg
Easing Money: As regional bank stocks were buffeted, and recession worries swirled, the Fed said it
might pause after the latest rate hike. Measuring the greenback against a basket of six currencies, the ICE In the Dow Jones Averages ACELYRIN
Kenvue
SLRN
KVUE
18.00
22.00
5/5
5/4
23.50
26.50
30.6%
20.5%
U.S. Dollar Index edged down 0.4% on the week, to 101.28. This is a list of the Dow Jones trailing 52-week diluted share
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Tuesday
Company
Utz Brands
Sym
UTZ
Indicated $ Value
678,147 12,776,289
Date
5/1/23
Seller
Deromedi, Roger D
JetBlue Air (0.91) Nil 12.03 United Airlines 5.82 Nil 15.53
Arms Index Name
$40.0 bil 3-year 3.645 3.810
Taylor Morrison Home
Qualtrics International
TMHC 552,000 23,161,920 4/27/23
XM 547,298 9,802,107 5/2/23
Lyon, William
Smith, Ryan
AF
OD
Utility Stocks The Arms index, also known as the short term trading index,
is a number derived by dividing one quotient into another
quotient. The numerator in the index is the number of
Changes
advancing stocks divided by the number of declining stocks. NYSE
Qualtrics International XM 450,000 8,059,500 5/2/23 Serafin, Zig OD AES Corp. (0.29) 0.6478 2.96 Exelon 2.25 1.3725 35.13
Wednesday As of 3/14/11, the denominator in the index is now the Banco Itau Chile (ITCL),
Am Elec 3.87 3.15 44.49 FirstEnergy 0.57 1.56 15.21 composite volume of advancing stocks divided by the
Costar CSGP 360,530 27,677,708 4/28/23 Florance, Andrew OD composite volume of declining stocks. formerly Itau CorpBanca
$35.0 bil 10-year 3.458 3.455 AmericanWaterWorks 4.55 2.5675 40.18 NextEra Energy 3.36 1.7425 18.95 (ITCB)
Airbnb ABNB 350,000 39,729,650 4/27/23 Gebbia, Joseph D Atmos Energy 5.82 2.84 59.71 Xcel Energy 3.23 1.9825 28.70 Daily 5/1 5/2 5/3 5/4 5/5 NYSE American
Thursday Coca-Cola KO 150,000 9,492,000 4/27/23 Quincey, James O Con Ed 7.04 3.18 56.60 Pub Sv Ent 4.64 2.19 28.65
DominionEnergy 1.43 2.67 31.51 Sempra Energy 7.76 4.625 79.17 None
Bruker BRKR 148,230 12,008,809 4/24/23 Laukien, Frank CEO NYSE .83 1.26 1.13 .84 .70
$21.0 bil 30-year 3.773 3.661 Duke Energy 3.32 4.00 61.55 Southn Co. 3.11 2.72 25.36 Nasdaq
Merck & Co MRK 143,329 16,472,845 4/28/23 Davis, Robert O NYSE American 1.17 .94 .30 .88 .74
Edison Int'l 2.20 2.875 36.57 Qifu Technology (QFIN),
* As of Friday afternoon. Church & Dwight CHD 142,120 13,806,958 5/1/23 Farrell, Matthew O Nasdaq .94 .76 1.47 .82 .64 formerly 360 DigiTech
May 8, 2023 BARRON’S 51
Dow Jones U.S. Total Market Industry Groups CBOE Put / Call Ratio Foreign Exchange
Foreign
Currency
Foreign
Currency
U.S. $ in
Foreign
U.S. $ in
Foreign
Apparel Retailers DJUSRA 1118.48 – 18.13 –59.90 –1.60 [92] +9.42 [17] –5.08 [118] +13.76 1,246.78 814.48 ApolloGlobalManagement(Q1) 1.46 1.52 U.K. (Pound) 1.2633 1.2565 .7916 .7959
Celanese (Q1) 1.64 5.54 Uruguay (Peso) …… .. …… .. …… .. …… ..
Computer Hardware DJUSCR 8557.48 + 180.95 2,055.33 +2.16 [9] +8.87 [18] +31.61 [2] +31.62 8,673.31 6,275.02 Duke Energy (Q1) 1.26 1.30
Waste & Disposal Svcs DJUSPC 484.21 + 3.60 35.95 +.75 [24] +8.83 [19] +8.02 [35] +20.49 497.83 399.04 Financial .02566 .02588 38.965 38.635
Electronic Arts (Q4) 1.34 1.32 Euro 1.1018 1.1019 .9076 .9076
Integrated Oil & Gas DJUSOL 749.38 – 53.34 –41.14 –6.64 [137] +8.83 [20] –5.20 [119] +29.14 837.28 603.64 Fox (Q3) 0.87 0.81
Special Drawing Rights (SDR) are based on exchange rates for the U.S.,
H& R Block (Q3) 4.47 4.11 British, and Japanese currencies. Source: International Monetary Fund.
Groups are weighted by capitalization. 52-week highs and lows are based on daily closes. Dec. 31, 1991=100. In the U.S. listings, % vol chg column shows the change from previous 65-day moving Under Armour (Q4) 0.15 -0.01 a-Russian Central Bank rate. b-government rate. d-rebased as of Jan. 1,
average. Volume figures do not reflect extended trading hours. Waters (Q1) 2.62 2.80 2005. y-floating rate.
W
Beyond Meat (Q1)
Cheasecake Factory (Q1)
-1.01
0.59
-1.58
0.47
Money Rates
Delta Market Pulse of the Economy
GoodRx (Q1)
Groupon (Q1)
Robinhood Markets (Q1)
0.06
-0.94
-0.62
0.10
-0.80
-0.45
Latest Week Prev. Week Yr Ago
Only includes new reports. Latest Latest Preceding Year YroYr Latest Latest Preceding Year YroYr The New York Times (Q1) 0.17 0.19
Prime Rate (base) 8.25 8.00 4.00
Economic Growth and Investment Date Data Period Ago % Chg Date Data Period Ago % Chg Walt Disney (Q2) 0.95 1.08
Indicator No Activity for this Week
Employment
Wendy’s (Q1) 0.20 0.17
Fed Funds Rate
when MSI is at 50% +/- 3%. Logistics Managers Index Apr 50.9 51.1 69.7 –26.97 Unemployment rate, % Apr 3.4 3.5 3.6 –5.56 1 month 5.10 4.93 0.48
Unemployed, (thous.) This index is a weighted average of 50 leading issues. Useful in secu- 2 months 5.15 5.03 0.91
Inventories Apr 5,657 5,839 5,968 –5.21 rity valuation. Source: Barron's Stats
Bearish
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) Apr 28 459,633 460,914 415,727 10.56 Avg. wks duration unemploy Apr 20.9 19.5 24.8 –15.73 3 months 5.33 5.20 1.38
U–6 unemployment Apr 6.6 6.7 7.0 –5.71 May 4 Apr 27 May Yr-to-Yr 6 months 5.38 5.23 2.05
Factory inventories, (bil. $) Mar 799.38 r805.61 781.70 2.26
Civilian Employment Population Ratio Apr 60.4 60.4 59.9 0.83 2023 2023 2022 % Chg
Gasoline, (thous. bbls) Apr 28 222,878 221,136 228,575 –2.49 Libor Interbank Rate
S&P 500 Index 4061.22 4135.35 4008.90 1.31
Orders Construction
Current Sentiment Barron’s 50 Index 11176.09 11373.54 11006 1.55 1 month 5.10 5.06 0.84
Factory orders, backlog (bil. $) Mar 1,159.72 r1,155.48 1,100.79 5.35 Construction spending, (bil. $) Mar 1,834.7 r1,829.6 1,768.2 3.76 Projected quarterly earn 166.65 178.64 139.67 19.32 3 months 5.34 5.30 1.40
New factory orders, (bil. $) Mar 539.01 r534.15 531.41 1.43 Non–residential spending, SA (bil. $) Mar 607.4 r601.6 500.6 21.33 Annualized projected earn 666.60 714.55 558.68 19.32 6 months 5.35 5.41 1.96
44.5%
Nondurable goods orders, (bil. $) Mar 262.79 r266.44 267.15 –1.63 Public spending, (bil. $) Mar 399.6 r398.8 347.5 14.99 Annualized projected P/E 16.77 15.92 19.7 –14.91 12 months 5.20 5.37 2.69
Purchasing management index Apr 47.1 46.3 55.9 –15.74 Residential spending, (bil. $) Mar 837.5 r838.9 929.0 –9.85 Five-year average earn 486.93 486.93 435.99 11.69
Trade Foreign Prime Rates
Other Indicators Five-year average P/E 22.95 23.36 25.2 –9.08
Merchandise trade balance (bil $) Mar –86.59 r–93.03 –125.86 –31.20 Year-end earn 619.08 619.08 563.98 9.77 Canada 6.70 6.70 3.20
Last Week Citi Research Panic–Euphoria Reading May 5 –0.24 –0.17 0.00 ….
Inflation Year-end P/E 18.05 18.37 19.5 –7.49 Germany 3.50 3.50 0.00
a-1997 equals 100. b-1982-84 equals 100. c-1982 equals 100. f-1996 equals 100. h- Year-end earns yield, % 5.54 5.44 5.1 8.03 Japan 1.475 1.475 1.475
43.1%
ECRI Industrial Price Index f May 5 115.39 116.86 166.13 –30.54 benchmark revision, 2016 equals 100. r-Revised.
Best grade bond yields, % 4.60 4.54 3.51 30.96 Switzerland 2.00 2.00 0.00
Bond yields/stock ylds, % 0.83 0.83 0.69 21.10 Britain 4.25 4.25 1.00
Actual year-end divs 243.13 242.75 227.10 7.06 Other Money Rates
2 Weeks ago Actual yr-end divs yld, % 2.18 2.13 2.06 5.36 Fannie Mae Home Loan:
30-Year Fixed Conv 5.77 5.97 4.95
American Debt and Deficits Adjustable Mortgage Rates Bank money market-z 0.31 0.32 0.07
54.1%
Interest Checking-z 0.06 0.06 0.04
Latest
Report
Preceding
Report
Year Ago Yr over Yr
Report % Chg
May 5 Apr 28 Yr. Ago YOY % Chg Yearly High/Lows Barron's 400 Index 6-Month Certif-z
12-Month Certif-z
1.29
1.64
1.22
1.65
0.15
0.23
The yearly Barron's 400 Index price; with a high/low range based on 30 Month Accounts-z 1.27 1.25 0.29
3 Weeks ago 1 Year Treas Bills 4.72 4.80 2.03 132.51
Federal Budget Deficit (bil. $)-a 1,330FY'25 1,201FY'24 1,154FY'23 …. the daily close. 5-Year Certificates-z 1.20 1.21 0.39
2 Year Treas Notes 4.00 4.18 2.62 52.67
Budget Surplus/Deficit (bil. $)-b, March –378.08 –262.43 –192.63 96.27
3 Year Treas Notes 3.74 3.91 2.79 34.05 Year High Date Low Date U.S. Savings EE Bonds:
Current Market Exposure: 0% Trade Deficit (bil. $, sa)-c, March –64.23 r-70.64 –106.45 -39.66
Equities, 0% Bonds, 100% Cash Treasury Gross Public Debt. (bil. $)-d 31,457.5 31,458.0 30,410.1 3.44 5 Year Treas Notes 3.52 3.68 2.84 23.94
10 Year Treas Notes 3.46 3.58 2.83 22.26 2023 1023.20 Feb 02 881.58 May 04 Long-Term (5yrs+) 2.50 2.50 0.10
Treasury Statutory Debt Limit (bil. $)-d 31,381.5 31,381.5 …. ….
Source: Delta Investment 20 Year Treas Bds 3.82 3.90 3.08 24.03 2021 1127.20 Nov 16 842.50 Jan 04
Consumer Installment Debt (bil. $)-e, March 4,850.7 r4,824.2 4,528.7 7.11 c-Annualized yields, adjusted for constant maturity, reported by the Federal
Management 2020 852.20 Dec 28 455.11 Mar 23
FHFA PMMS+ Apr 6.11 6.11 3.68 66.03 Reserve on a weekly average basis. Sources: Tullett Prebon information, Ltd.
www.deltaim.com, (415) Sources: a-Office of Management and Budget, b-Monthly Treasury Statement, c-Monthly Commerce Dept. 2019 735.71 Dec 26 602.68 Jan 03 Factset. z-Bankrate.com.
249-6337 Report, d-Daily Treasury Statement, e-Monthly Federal Reserve Release. Fed annualized yields adjusted for constant maturity. 2018 786.73 Aug 29 571.68 Dec 24
52 BARRON’S May 8, 2023
(Index of 40 actively-traded tax-exempt bonds; component issues United Rentals 1.48 Rush Enterprises A .21
are changed regularly to keep the index a current picture of the Adjusted % Record Ex-Div Payment
Waste Connections .255 Rush Enterprises B .21
-30 market. Source: The Bond Buyer Company Name-Ticker Symbol (Exchange) Yield Period To From Decrease Date Date Date WisdomTree .03 Sandy Spring Bancorp .34
4.42 4.43 4.34 Eagle Bulk Shipping-EGLE (NYSE) 5.8 Q .10 .60 -83.3 % 5-17 5-16 5-25 Wednesday (May 10) Univest Financial .21
Barron's Gold Mining Index (904.72) Genco Shipping & Trading-GNK (NYSE) 14.6 Q .15 .50 -70.0 % 5-16 5-15 5-23 Affiliated Managers .01 West Bancorp .25
Stock/Bond Yield Gap-s HSBC Holdings ADR-HSBC (NYSE) 4.2 Q .50 1.15 -56.5 % 5-12 5-11 6-23
-40 Crown Holdings .24 Western New England Bncp .07
(Difference between yield on highest-grade corporate bonds and Sculptor Capital Mgmt-SCU (NYSE) 5.3 Q .06 .20 -70.0 % 5-16 5-15 5-23 Magnolia Oil & Gas .115
Sturm Ruger-RGR (NYSE) 3.7 Q .32 .42 -23.8 % 5-15 5-12 5-31 Matador Resources .15 Wednesday (May 10)
yield on stocks on the DJIA.) Matson .31
-2.52 -2.48 -1.71 Absolute Software .06
-50
Yield on DJ Equal Weight US Corp Bond Idx:
Stock Splits/Dividends Special Dividends MGIC Investment
Olin Corp
Peabody Energy
.10
.20
.075
Diamondback Energy
Enterprise Bancorp
.83
.23
J J A S O N D J F M A Record Ex-Div Pay
Company Name-Ticker Symbol (Exchange) Amount
Record Ex-Div
Date Date
Pay
Date ResMed .44 Heritage Commerce .13
Corp Bonds, (y) 5.19 5.26 4.50 Company Name-Ticker Symbol (Exchange) Amount Date Date Date TJX Cos .333 OP Bancorp .12
Cheniere Energy Ptnr-CQP (NYSE AMER ) 0.26 5-08 5-05 5-15 WestRock .275 Paychex .89
Hawthorn Bancshares-HWBK (Nasdaq) 4% 6-15 6-14 7-01
v-Week ended Thursday. y-Yield to maturity, week ended Thursday. z- Civitas Resources-CIVI (NYSE) 1.62 6-15 6-14 6-29 S & T Bancorp .32
Thursday (May 11)
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
Source: Refinitiv.*Barclays T-Bond Index discontinued by firm. ConocoPhillips-COP (NYSE) 0.60 6-27 6-26 7-14 Summit State Bank .12
Kadant .29 AmerisourceBergen .485 Territorial Bancorp .23
Diamondback Energy-FANG (Nasdaq) 0.03 5-11 5-10 5-18
Week’s Lennar Cl A
Lennar Cl B
Lowe's
.375
.375
1.05
John B Sanfilippo & Son-JBSS (Nasdaq)
SIGA Technologies-SIGA (Nasdaq)
1.50
0.45
6-01
5-16
5-31
5-15
6-22
6-01
BP ADR
Bread Financial
Charles Schwab
.397
.21
.25
Veritex Holdings
Wintrust Financial
.20
.40
Federal Reserve Data Bank Week’s Dividend Pearson ADR .182 Dana .10 Thursday (May 11)
Thursday (May 11)
Conference Call Calendar Equinor ADR
Equinor ADR
.60
.30 Astec Industries .13
One week ended May 3:
Graham Holdings 1.65 Company Date Time Period Bassett Furniture Inds .16
Reserve Chgs. (Mil. $) Week Change Change
Payment This list includes payouts on
common stocks.
Holly Energy Partners .35
Knot Offshore Partners .026 Air Products and Chemicals May 9 8:30AM Q2
Koninklijke Philips ADR
Lithia Motors
Louisiana-Pacific
.939
.50
.24
Brookline Bancorp
Coca-Cola Europacific
.135
.74
U.S. Gov't securities: Nucor .51
This list includes payouts on NYSE Akamai Technologies May 9 4:30PM Q1 Moog Cl A .27 Community West Bncshrs .08
Bought outright 7,825,548 -27,243 -656,463 common stocks. Monday (May 8) Friday (May 12) Alpha Metallurgical Resources May 8 10:00AM Q1 Moog Cl B .27 Constellation Energy .282
Banco Bradesco Ord ADR .003 Charles River Laboratories International May 11 8:30AM Q1 MSCI 1.38 DallasNews .16
Federal agency secur: NASDAQ Air Products & Chemicals 1.75 Clorox 1.18 Oil-Dri of America .28
Blackstone .82 DaVita May 8 5:00PM Q1 Eagle Bancorp Montana .138
Deere 1.25 Enterprise Pdts Partners .49 Oppenheimer Holdings A .15 First Bank .06
Bought outright 2,347 .... .... Monday (May 8) Genl Dynamics 1.32 Devon Energy May 9 11:00AM Q1 Parker Hannifin 1.48
Ennis .25 Hess Midstream .585 First Community Bkshs .29
Old Second Bancorp .05 Intercorp Finl Svcs 1.18 DISH Network May 8 12:00PM Q1 Pfizer .41
Reserve bank credit: Schnitzer Steel Inds .188 Hexcel .125 Duke Energy May 9 10:00AM Q1 Provident Finl Svcs .24 First Northwest Bancorp .07
PLDT ADR .825 ING Groep ADR .41
Primary Credit 50,699 -20,344 +47,631 PLDT ADR .257 Truist Financial .52 Heartland Financial USA .30
NuSTAR Energy .40 Electronic Arts May 9 5:00PM Q4
Tuesday (May 9) Universal Insurance .16 Honeywell International 1.03
Secondary Credit .... .... .... Tuesday (May 9) nVent Electric .175 Fox May 9 8:30AM Q3 Visa Cl A .45
Codorus Valley Bancorp .16 OneMain Holdings 1.00 JB Hunt Transport .42
Seasonal Credit 3 -1 -2 Embotell Andina A ADR .219 Gen Digital May 11 5:00PM Q4 WEC Energy Group .78 Middlesex Water .312
Concentrix .275 Grupo Aval Acciones ADR .016 Pan American Silver .10 Henry Schein May 9 10:00AM Q1
Float -478 -308 -150 Cracker Barrel 1.30 PerkinElmer .07 Friday (May 12) Nexstar Media Cl A 1.35
Mastercard .57 PermRock Royalty Trust .031 International Flavors & Fragrances May 9 9:00AM Q1
Other F.R. Assets 44,253 -339 +2,175 Medifast 1.65 AGCO .29 PCB Bancorp .18
Wednesday (May 10) Nokia ADR .033 PNM Resources .368 Lincoln National May 10 10:00AM Q1 Primis Financial .10
Total Fed Credit # 8,503,589 -34,986 -400,181 Synchrony Financial .23 Allete .678
ASML Holding 1.839 Suburban Propane .325 Mckesson May 8 4:30PM Q4 Alta Equipment Cl A .057 South State .50
Gold stock 11,041 .... .... Warrior Met Coal .07
Hingham Institution Savs .63 Wednesday (May 10) News May 11 5:00PM Q3 Applied Indl Techs .35 Starbucks .53
SDR Certif. Accounts 5,200 .... .... Krispy Kreme .035 Saturday (May 13) PayPal Holdings May 8 5:00PM Q1 Chemours .25 Timberland Bancorp .23
Ohio Valley Banc .22 Albertsons .12 Church & Dwight .273
Treas. Curr. Outst. 51,709 +14 +728 American Express .60 NONE PerkinElmer May 11 8:00AM Q1
CNA Financial .42 Friday (May 12)
Total 8,590,377 -34,997 -399,160 Thursday (May 11) Antero Midstream .225 Sunday (May 14) Skyworks Solutions May 8 4:30PM Q2
DR Horton .25 CONSOL Energy 1.10 Amerant Bancorp Cl A .09
Currency in circ 2,324,887 +2,906 +53,897 NONE Tapestry May 11 8:00AM Q3 CVR Energy .50
Cal-Maine Foods 2.20 Business First Bancshares .12
TransDigm May 9 11:00AM Q2 CVR Partners 10.43
Treas. Cash Hldgs 187 +23 +107 Dorchester Minerals .99 CB Financial Services .25
Treas. Fed Deposits
Foreign Fed Deposits
269,216
9,685
-22,486
+1
-676,262
+2,155
TriMas Corp
Friday (May 12)
.04
Week’s Week’s Ex- Tyson Foods
Viatris
May 8
May 8
9:00AM
8:30AM
Q2
Q1
Eli Lilly
Gorman-Rupp
Jabil
1.13
.175
.08
Cintas
ConnectOne Bancorp
1.15
.17
Walt Disney May 10 4:30PM Q2
Other Fed Deposits
Other FR liab/cap
205,086
-2,080
+428
+1,188
-61,159
-50,576
1st Source
Banner
.32
.48
Dividend Dividend Source: CCBN, www.ccbn.com
Kroger Co
Maximus
Murphy Oil
.26
.28
.275
Eastern Co
Exelon
.11
.36
FirstCash Holdings .33
Total factors
Reserves F.R. banks
5,500,671
3,089,706
+10,953
-45,949
-192,781
-206,379
Capital Product Partners
Coca-Cola Consolidated
CSW Industrials
.15
.50
.19
Payment Dates Distributions & Offerings Oshkosh
Rockwell Automation
SAP ADR
.41
1.18
2.186
Lakeland Industries
Macatawa Bank
.03
.08
Fgn hold U.S. debt 3,372,842 +2,056 -52,641 Green Plains Partners .455 This list includes payouts on This list includes payouts on Secondary Distributions of common stocks Southern .70 Origin Bancorp .15
Home Bancorp .25 common stocks. common stocks. 4D Molecular Therapeutics 7,500,000 $16.00 $120,000,000
Southwest Gas Holdings .62 Papa John's International .42
MetroCity Bankshares .18 cbdMD 1,350,000 $2.10 $2,835,000 Saturday (May 13) Southern Missouri Bncp .21
Premier Financial .31 NYSE American NYSE American
Reserve Aggr (Mil. $) Latest Prev. Month % Year Guardforce AI 1,720,430 $4.65 $8,000,000 NONE Saturday (May 13)
Month Ended March: Month Month Chg. Ago RBB Bancorp .16 Monday (May 8) Tuesday (May 9) ImmunoGen 26,000,000 $12.50 $325,000,000
Sierra Bancorp .23 Cheniere Energy .395 Morphic 6,133,334 $45.00 $276,000,030 Sunday (May 14) NONE
NONE
Total Reserves: 3,258,400 3,021,800 7.83 3,874,700 Privia Health 42,561,196 $22.00 $936,346,312 NONE Sunday (May 14)
Saturday (May 13) Tuesday (May 9) Wed. (May 10)-Sun. (May 14)
Nonborrowed Res 3,043,100 3,006,200 1.23 3,848,500 Reneo Pharmaceuticals 7,906,250 $8.00 $63,250,000
NONE Riley Exploration Permn .34 NONE Monday (May 15) NONE
Borrowed Reserves 215,338 15,606 1279.84 26,206 Ryerson 2,630,700 $36.80 $96,809,760
Sunday (May 14) Monday (May 15) SI-BONE 3,775,000 $22.00 $83,050,000 ExxonMobil .91 Monday (May 15)
Monetary Base 5,571,000 5,321,000 4.70 6,134,400 Wed. (May 10)-Sun. (May 14) PennyMac Finl Svcs .20
NONE NONE Bar Harbor Bankshares .28 Source: Dealogic LLC, New York City; (212) 577-4400. Unitil Corp .405 NONE
May 8, 2023 BARRON’S 53
HuizeHolding Tingo AytuBioPharma DigitalBrands HarpoonTherap MidWestOneFin QuantumComp TFS Fin AresAcqnA McDonald's Bristow Lazard
Week’s HuronConsulting
IES Holdings
IkenaOncology
TMT Acqn
Travelzoo
TROOPS
BallardPower
BancFirst
BankFinancial
DimeCommBcshs
DISH Network
DixieGroup
Harte-Hanks
HawthornBcsh
HealthEquity
MillerKnoll
Minim
MiNK Therap
QuinStreet
RackspaceTech
RamacoRscs
ThirdCoastBcshs
TimberlandBncp
TivicHealth
AresMgmt
AthenaTechII A
BWX Tech
Merck
MolsonCoorsB
MotorolaSol
BylineBancorp
CI&T
CS Disco
Leidos
LendingClub
Li-Cycle
187 358 Itron Vericel BayCom ECB Bancorp Histogen MotorcarParts RelayTherap Trupanion BoydGaming PG&E ChinaGreenAg Magnachip
IVERICbio VeriSign BayFirstFinancial Edgio HMN Fin MSP Recovery Renasant TrustcoBank BuildersFirst ProofAcqnIA CitizensFin Mativ
JackintheBox VeriskAnalytics BCB Bancorp EdibleGarden HomeBancorp MullenAuto RepublicBcpKYA Trustmark BurfordCapital Penumbra Citizens MediaAlpha
New Highs New Lows EducDev MySize TTEC PerformanceFood Medifast
Jiayin VerraMobility BeamGlobal HomeStreet RepublicFirstBncp CGI CityOfficeREIT
LancasterColony VertexPharm Berry(bry) EncoreCapital HomeTrustBcshs Nanobiotix ResearchFrontiers TTM Tech CardinalHealth PulteGroup Clarivate MercuryGeneral
Nasdaq Lantheus Big5SportingGds EnterpriseBncp Honest NatlBankshares ResourcesConnect TuSimple CarpenterTech QuantaServices ClarosMtg Mosaic
VikingTherap
LeMaitreVascular VisionSensingA BigCommerce EnterpriseFinSvcs Hongli NauticusRobot RetailOppor TwinVee Cemex RCF Acqn A ClearwaterPaper Movado
276 784
New Highs New Lows
LeonardoDRS
LexiconPharm
LibertyBraves C
VitaCoco
WahFuEducation
WelsbachTech
Biolase
BionanoGenom
BioNTech
EQRx
Equillium
EquityBcshs
ESSA Bancorp
HopeBancorp
HorizonBancorp
HubCyberSecurity
Nayax
NBT Bancorp
NCS Multistage
NecessityRetail
ReToEcoSol
ReWalkRobotics
RF Industries
TwistBiosci
UcommuneIntl
Udemy
CenturyComm
Chipotle
ChurchillVI A
RadianGroup
RentokilInit
RestaurantBrands
ClearwayEnergyC
ClearwayEnergyA
Comerica
MultiPlan
NACCO Inds
NIO
NaborsIndustries
LigandPharm Wingstop BitNileMetaverse HuntingtonBcshs RGC Resources UMB Fin ChurchillVII A RoperTech ComstockRscs
LiveOne Woodward BladeAir Everbridge Hurco NeoVolta RhinebeckBncp UnionBankshares CleanHarbors SAP ContainerStore NatlBankHoldings
NYSE American
LongboardPharm WynnResorts BlueStarFoods Evogene Hydrofarm NetScout RichmondMutBncp UnitedBkshrsWV Clorox SelectMedical CoreCivic NationalFuelGas
ExelaTech NeuroMetrix ShakeShack NatlHealthInv
14 36
lululemon XenonPharm BogotaFinl IcahnEnterprises RigettiComp UnitedHomes Coca-Cola Femsa Costamare
MadrigalPharm XerisBiopharma BonNaturalLife EzFill Identiv NewellBrands RiminiStreet UnitedSecBcshrs ComfortSystems Shopify Crane Nautilus
MamaMancini's YanGuFangIntl Brainsway FaradayFuture iHeartMedia Newmark RiverviewBncp UnityBancorp EngGr-Cmg C SilverBoxIIIA CrownCastle Nevro
New Highs New Lows MaquiaCapital BridgewaterBcshs FarmerBros IM Cannabis NewtekOne RMR Group UnivElectro CerveceriasUnid SimpsonMfg Cullen/Frost NicoletBankshares
YottaAcqn
MarinusPharm Brightcove FarmersBancp iMediaBrands NFTGaming RVL Pharm UnivestFin ComputeHlthA SkechersUSA Cushman&Wkfd Nokia
Only includes COMMON and REIT stocks NEW LOWS FarmersNatlBanc NI Nordstrom
Marriott BrooklineBcp ImperialPetrol S&T Bancorp UPFintech ConcordAcqnIIA SkylineChamp DHI Group
MatthewsIntl 1895Bancorp BurgerFiIntl FARO Tech IndepBankMI NicholasFin Sabre Upstart ConcordAcqnIII A Snap-On DT Midstream NuScalePower
NYSE American AquestiveTherap MeritMedical 1stdibs.com BusFirstBcshs FinInstitutions IndependentBank Nogin SafetyInsurance Upwork Core&Main SoloBrands D-WaveQuantum Nutrien
Arcellx MetaPlatforms 1stSource CalAmp FinWiseBancorp IndependentBank NortechSystems SalisburyBancorp UraniumRoyalty CorpAmAirports StandexInt DXC Tech OFGBancorp
NEW HIGHS ArchCapital 2U FirstBancorp NorthernTrust USCB Financial Stevanato OutfrontMedia
Microsoft CaliforniaBncp Infobird SandySpringBncp DRDGOLD DelekUS
AultDisruptive AtlasLithium MidwestHolding 8x8 CambridgeBncp FirstBancorpNC InnovizTech NorthfieldBanc SangamoTherap UtdCmtyBks DrReddy'sLab TaylorMorrison Deluxe PJT Partners
Birks Augmedix MiMedx 908Devices CamdenNational FirstBancshares Inspirato NorthwestBcshs SaverOne2014 ValleyNatlBncp EagleMaterials Tecnoglass DesignerBrands PNC Fin
BlueRiverA AuraFatProjectsA 9MetersBiopharma FirstBank NSTS Bancorp Valneva Tennant PediatrixMedical
MonsterBev CanopyGrowth IntelligentBio SB Financial Ecolab DieboldNixdorf
CatchaInvtA AvadelPharm Absci FirstBusey NutexHealth VandaPharm Teradata Perfect
MoonLakeImm CapitolFedFin InteractStrength ScrippsEW EdisonIntl DigitalMedia
Chase AvitaMedical AcelRxPharm FirstBusFinSvcs NV5Global VarexImaging Toll Bros PermRock
Morphic CapStarFin Interface SCWorx EldoradoGold DouglasDynamics
CoreMoldingTech AxonEnterprise ACELYRIN FirstCapital OceanFirstFin Veradigm TransDigm Pfizer
MountainI A CarterBkshrs IntuitiveMachinesA SeacoastBkgFL EnelChile DouglasElliman
GalianoGold AxonPrimeInfrA ACNB FirstCommBkshs OceanPal VerbTech TreeHouseFoods PiedmontOfficeA
MYR Group CatalystBncp Investar SelinaHosp EroCopper Dun&Bradstreet
HNR Acqn BaoshengMedia ActelisNtwks FirstFinBkshs Ocugen Veritex TriPointe PrecisionDrilling
Nanobiotix CathayGenBncp iSun Semtech EVeMobilityA DynexCapital
FirstFinBncpOH OfficePropIncm ProPetro
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NewGold BelFuse A NatlInstruments AcurxPharm CB FinSvcs IturanLocation SenecaFoods B Veritone EverestConsolA TriNet EPAM Systems
NorthernStrII A Adamis FirstFinIN Olaplex VersaBank TripleFlagPrecMtl ProsperityBcshs
BelFuse B NewcourtAcqnA CBAK Energy JayudGlblLogistics SensusHealthcare EvoquaWater E2open
ProtalixBio AdaptHealth FirstFinNW Old2ndBcp ViaRenewables TwinRidgeCapA ProvidentFinSvcs
BellevueLifeSci Nexters CBLInternational JE Cleantech ShiftPixy FairIsaac Ecopetrol
Servotronics ADDvantage FirstFoundation OldNatlBncp ViaviSolutions US Xpress Ranpak
BetterWorld NVE Celularity Jewett-Cameron Shineco Ferrari Endava
TRX Gold Adtran FirstGuarBcshs OldPointFinl View Uber RaymondJames
Biogen NVIDIA CentralGarden JinMedicalIntl ShoreBancshares Flowserve Enviva
AdvEmissions FirstHawaiian OncologyInst ViewRay UltraparPart Rayonier
BioPlusAcqnA OlemaPharm Cerus JohnMarshallBncp SierraBancorp FomentoEconMex Equitable
NEW LOWS FirstInterBanc OncoSecMed Univar RedwoodTrust
BitDigital OneSpaWorld AdventTech CF Bankshares JupiterWellnessA SimmonsFirstNat VinciPartners Forestar FB Financial
AlmadenMinerals FirstInternetBncp OP Bancorp ViractaTherap VulcanMatls Renren
Blackbaud OpenText AdvHlthInt CFSB Bancorp KearnyFinancial SingingMachine Franco-Nevada F45Training
AmbowEduc FirstLongIsland OpGen ViraxBiolabs WestPharmSvcs Revolve
BookingHldgs OReillyAuto Aemetis ChainBridgeIA KeurigDrPepper SingularGenomics FreedomI A FNB
AmpioPharm FirstMerchants OptionCare VislinkTech WisdomTree RingCentral
Bruker OSI Systems AerwinsTech ChargeEnt Knightscope SiNtxTech FusionAcqnIIA FreyrBattery
BarHarborBkshs FirstMidBcshs OrangeCtyBncp Vitru XFinancial RiteAid
CabalettaBio OvidTherap AEye ChemungFinl KodiakSciences SleepNumber GFLEnvironmental FathomDigital
BattalionOil FirstNatlVA OrbitalInfr voxeljet XPO SES AI
CalliditasTherap PapayaGrowthI A AFC Gamma ChickenSoupA Koss SmartFinancial Gallagher FirstBanCorp
BlueRidgeBkshs FirstNWBncp OrganiGram XponentialFit SFL
Vroom
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O T H E R VO I C E S
The Federal Reserve’s review of the Silicon Valley
Bank failure is revealing for what it omits. It may
not be ready for the fallout if more banks fail.
them. As losses mounted, capital was supervision at the San Francisco Fed-
quickly depleted and Silicon Valley eral Reserve Bank recommended to
Bank’s solvency brought into question. the director of supervision at the
As you would expect, uninsured de- Board of Governors. How were their
positors pulled their deposits from the conclusions communicated to the vice
bank, assuring its failure. chairman for supervision at the Board
The report also confirmed that of Governors? And did conversations
the Fed’s supervision of Silicon Valley occur between the vice chairman and
Bank was woefully inadequate. Super- the chairman of the Fed and other
visors identified management weak- members of the Board of Governors?
nesses starting in 2017 but did too Who ultimately is responsible? This is
little to force management to improve a critical aspect of supervisory over-
its practices right up to the time of sight, and the Fed’s report fails to ad-
failure. The examiners did their job in dress it.
finding weaknesses within the bank. The report provides documents
Letters were sent to management, showing that supervisors sent letters
warnings were given, and informal to the institution’s board of directors,
supervisory actions were discussed, and that it appears they met with the
although none were taken. board one time, but it doesn’t discuss
The Fed is organized so that differ- whether they held additional meet-
ent supervisors are responsible for ings to emphasize management’s lack
different-size banks. This bureaucracy of response. The board of directors
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com
delayed critical actions to correct man- has ultimate responsibility for bank
agement weaknesses. The idea behind policies and management perfor-
this process is to place larger institu- mance. Such meetings can have a ma-
tions in more-experienced hands. The jor impact on how directors and man-
effect should have been to accelerate agement respond to supervisory
the supervisory actions. That did not findings.
T
While the report is deep in detail, supervisors have responded by ac-
he Federal Re- BY THOMAS what the world already suspected: there are significant aspects of the cepting this trend. Now, the Fed is
serve’s report on HOENIG Silicon Valley Bank was poorly man- supervisory process that are begging reversing policy, and the industry
Silicon Valley Bank Hoenig is a former aged and supervised. Management for answers. For example, the report must follow.
is a revealing docu- vice chairman of was careless, disregarding fundamen- often refers to “the supervisors,” but Silicon Valley Bank was among the
ment, both for what the FDIC, former tal principles of banking. Its business who are they? There was little discus- first to fall because its management
president and
it says and for what CEO of the Fed- model was highly concentrated in sion of the Fed’s chain of command apparently was the weakest among
it omits. A careful eral Reserve Bank both its assets and liabilities. The and how findings are reported and bank managers. But while that bank
reading of the report suggests that the of Kansas City, bank paid too little attention to its supervisory actions determined. The was poorly managed, its assets’ risks
banking industry is headed for further and a distin- liquidity and asset-liability-manage- report discusses interviews with ex- are not all that different from those
guished senior
difficulty, and that the Federal Re- fellow with the ment practices. aminers, but what about those who of other banks.
serve’s supervision needs to improve Mercatus Center The report notes that the bank ap- make the final decisions? The industry holds trillions of dol-
if it expects to handle it successfully. at George Mason peared adequately capitalized under Consensus-building seemed to lars of securities and loans, the quality
MAILBAG
Send letters to Mail@Barrons.com. To be considered for Numbers by Barron’s, which breaks down the markets,
publication, correspondence must bear the writer’s name, is available wherever you listen to podcasts.
address, and phone number. Letters are subject to editing.
quality; and trust yourself rather than To the Editor: Has What It Takes”). Bary also legged
banks or governments. The Funds column (“Closed-End out a triple with his cogent insights
Options for Debt Crisis Analogy However, that two-letter word swings
well above its weight. What follows is
Lastly, Steven M. Sears hit it out of
the park with his fascinating feature
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To the Editor: a recommendation to buy leveraged “The Roots of the Options Trading
The Fed?
Here is an analogy for our so-called closed-end bond funds, and that is Revolution” (The Striking Price).
debt crisis. Suppose a couple has based on the assumption that “many My wife and I make all of our
borrowed to their limit to have a nice bond strategists now think we are investment decisions together, and
house and other amenities. They have close to peak interest rates.” How- we are truly appreciative of Barron’s
the income to support the debt and ever, “many” is nebulous. Many ana- coverage over the past 20-plus years.
To the Editor: living expenses, but there is nothing lysts I read say that there is no sign Celgene (2001), Microsoft (2003),
While your cover story is comprehensive and well writ- left over. They want to go on an expen- in the market that an upper limit in Johnson & Johnson and Caterpillar
ten, I beg to differ with Megan Cassella’s conclusion of sive vacation. They ask the bank for a yields is about to be reached. (2007), Berkshire Hathaway Class B
there being “no good options” (“Fed on the Edge,” April loan, but since they are at the bank’s If you want to be cautious, balance (2010), Apple (2014), and Atlas
28). Modest fiscal policy help (rather than hindrance) loan limit, the bank refuses. the plethora of conflicting recom- Technical Consultants (2021) have
would improve the chances of taming inflation with The couple has a choice—continue mendations, do your research, and all been purchased based upon your
less economic damage. Without some help on the fiscal paying the debt as usual, forgoing the come to your own conclusions. recommendations.
side, the Federal Reserve will probably break something vacation, or halt payment on the debt Caveat emptor. Buy and hold indeed.
and end up with high interest rates and high inflation and use that money for the vacation. Harvey Rosen T. William McMahon
(stagflation). Which option should the couple take? Brooklyn, N.Y. Manasquan, N.J.
H.P. Gates The politicians are telling us that
On Barrons.com they intend to take the vacation and
default on the debt if the debt limit
March 2022. For all of the big talk about quantitative Vestavia Hills, Ala.
tightening, a mere $350 billion has been reduced from
the $9 trillion of bonds it owns. James Grant reports
that, as of last week, the Fed’s balance sheet was about Threat of Default
ers or hapless politicians can easily
$8.5 trillion.
Ray Noack To the Editor: mitigate the coming firestorm.”
On Barrons.com Treasuries are unquestionably a safe James Whitaker, on Barrons.com
M W L C 10 11 12 H G R P 4 8 3 F 2 D 6 7 9 0 A I
56 BARRON’S May 8, 2023
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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